Modern Slave
  • Home
  • Bitcoin
    Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg

    Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg

    Crypto Derivative Volumes Saw Speedy Growth as Prices Rose in January

    Crypto Derivative Volumes Saw Speedy Growth as Prices Rose in January

    Bitcoin, Ethereum and XRP Price Trends Could Be Revealed Today

    Bitcoin Soars as Skepticism Dominates Crypto Market Scene

    Bitcoin Price in the Red for Fifth Straight Day

    Bitcoin Price in the Red for Fifth Straight Day

    Bitcoin Miner Digihost Completes Controversial Power Plant Acquisition, Doubling Energy Capacity

    Bitcoin Miner Digihost Completes Controversial Power Plant Acquisition, Doubling Energy Capacity

    Cardano Price Surges on SundaeSwap DEX Catalyst

    Cardano DEX SundaeSwap Floats First On-Chain Governance Proposal

    Fan Token Project Chiliz Rolls Out Layer 1 Blockchain, Token Surges 20%

    Fan Token Project Chiliz Rolls Out Layer 1 Blockchain, Token Surges 20%

    Three Arrows’ Founder Refused to Comply With Subpoena, Stonewalling Probe, Court Told

    Three Arrows’ Founder Refused to Comply With Subpoena, Stonewalling Probe, Court Told

    Here’s Why Artificial Intelligence Focused Cryptocurrencies Are Vastly Outperforming Bitcoin

    Here’s Why Artificial Intelligence Focused Cryptocurrencies Are Vastly Outperforming Bitcoin

  • Blockchain
  • Celsius
  • Crypto Mining
  • Ethereum
  • Exchanges
  • Forex Trading
  • Market
  • Regulation
  • More
    • XRP
    • Stellar
    • Store
  • Home
  • Bitcoin
    Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg

    Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg

    Crypto Derivative Volumes Saw Speedy Growth as Prices Rose in January

    Crypto Derivative Volumes Saw Speedy Growth as Prices Rose in January

    Bitcoin, Ethereum and XRP Price Trends Could Be Revealed Today

    Bitcoin Soars as Skepticism Dominates Crypto Market Scene

    Bitcoin Price in the Red for Fifth Straight Day

    Bitcoin Price in the Red for Fifth Straight Day

    Bitcoin Miner Digihost Completes Controversial Power Plant Acquisition, Doubling Energy Capacity

    Bitcoin Miner Digihost Completes Controversial Power Plant Acquisition, Doubling Energy Capacity

    Cardano Price Surges on SundaeSwap DEX Catalyst

    Cardano DEX SundaeSwap Floats First On-Chain Governance Proposal

    Fan Token Project Chiliz Rolls Out Layer 1 Blockchain, Token Surges 20%

    Fan Token Project Chiliz Rolls Out Layer 1 Blockchain, Token Surges 20%

    Three Arrows’ Founder Refused to Comply With Subpoena, Stonewalling Probe, Court Told

    Three Arrows’ Founder Refused to Comply With Subpoena, Stonewalling Probe, Court Told

    Here’s Why Artificial Intelligence Focused Cryptocurrencies Are Vastly Outperforming Bitcoin

    Here’s Why Artificial Intelligence Focused Cryptocurrencies Are Vastly Outperforming Bitcoin

  • Blockchain
  • Celsius
  • Crypto Mining
  • Ethereum
  • Exchanges
  • Forex Trading
  • Market
  • Regulation
  • More
    • XRP
    • Stellar
    • Store
No Result
View All Result
Modern Slave
No Result
View All Result
Home Regulation

Credit Cards Should Not Be Used for Crypto Transactions, Taiwan’s Financial Watchdog Says – Regulation Bitcoin News

by Source in article
July 24, 2022
in Regulation
0
Credit Cards Should Not Be Used for Crypto Transactions, Taiwan’s Financial Watchdog Says

The financial regulator of Taiwan has asked local banks not to allow the use of cards for payments in transactions involving cryptocurrencies, local media revealed. The authority says these assets are risky while associated cash flows are hard to monitor.

Taiwanese Regulator Urges Banks Not to Allow Crypto-Related Payments With Bank Cards

Taiwan’s Financial Supervisory Commission (FSC) has told credit card issuers and banks to effectively prevent their customers from using credit cards as a payment instrument in transactions linked to cryptocurrencies, according to a report published by the business news portal UDN.

The watchdog is citing the latest crypto market downturn as well as persisting concerns over money laundering risks associated with the virtual assets, which it also describes as highly speculative and extremely volatile.

Financial industry sources claim the FSC issued the call in a letter to the Bankers Association of Taiwan earlier in July. This week, the authority neither denied the news nor commented initially. Later, it confirmed to Forkast that it had asked credit card agencies not to sign on crypto service providers as merchants.

The commission insisted that credit cards should serve as a payment tool for consumption rather than a method for financial investment and speculative trading and gave card acquirers three months to comply with the new rules. The FSC also reminded people about a prior requirement that bans the use of credit cards in payments for transactions linked to stocks, futures, and options.

Taiwan’s crypto sector remains largely unregulated, despite the adoption of updated anti-money laundering (AML) rules for service providers in the market last summer. The country is yet to also finalize a project to issue a central bank digital currency (CBDC).

In June, the Taiwanese central bank completed a series of technical simulations in a closed-loop environment as part of ongoing trials for the prototype of the retail digital currency. The governor of the monetary authority admitted, however, that the bank may need another two years to finish the work on the CBDC, twice longer than anticipated.

Tags in this story
bank cards, banks, card issuers, cards, CBDC, commission, credit cards, Crypto, crypto market, crypto transactions, Cryptocurrencies, Cryptocurrency, Digital Currency, financial supervisory commission, FSC, Regulations, regulator, restriction, restrictions, rules, Taiwan, taiwanese, watchdog

Do you expect Taiwan to impose other restrictions on crypto-related transactions in the future? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It



Source link

Recommended

Cryptos in the red, Google tops SPX500 on strong earnings

Cryptos in the red, Google tops SPX500 on strong earnings

1 year ago
Blockonomi

Metamask Partners With PayPal to Facilitate ETH Purchases

2 months ago

Popular News

    The Bitcoin (BTC) Rally Hits Obstacle but Supply Squeeze Could Cause Surge in Price

    Bitcoin (BTC) Price Could Begin Short-Term Correction

    February 8, 2023
    Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg

    Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg

    February 8, 2023
    Crypto Investors Can Purchase Bankruptcy Put Options to Protect Funds on Binance, Coinbase, Kraken Crypto Exchanges

    Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M

    February 8, 2023

    Must Read

    • Bitcoin (BTC) Price Could Begin Short-Term Correction
    • Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg
    • Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M
    • Bankrupt Alameda Research wallets resurrect and transfer millions of FTT tokens
    • Craig Wright Loses Bitcoin Copyright Claim in UK Court

    Category

    • Bitcoin
    • Blockchain
    • Celsius
    • Crypto Mining
    • Ethereum
    • Exchanges
    • Forex Trading
    • Market
    • Regulation
    • Stellar
    • XRP

    Important Pages

    • Home
    • Privacy Policy
    • Terms and Conditions
    • Social Media Disclaimer
    • Medical Disclaimer
    • FTC Compliance
    • Earnings Disclaimer
    • DMCA Compliance
    • Copyright Notice
    • Anti-Spam Policy
    • Contact Us

    About Us

    We provide latest News related to CryptoCurrency.

    • Home
    • Contact Us
    • Terms and Conditions
    • Privacy Policy
    • Copyright Notice

    © 2021 Modernslave.io

    No Result
    View All Result
    • Home
    • Bitcoin
    • Blockchain
    • Celsius
    • Crypto Mining
    • Ethereum
    • Exchanges
    • Forex Trading
    • Market
    • Regulation
    • Stellar
    • XRP

    © 2021 Modernslave.io

    By continuing to browse the site you are agreeing to our use of cookies
    x Logo: Shield Security
    This Site Is Protected By
    Shield Security →

    Subscribe For Latest Updates

    Sign up to best of crypto news, informed analysis and opinions on what matters to you.

    Invalid email address
    We promise not to spam you. You can unsubscribe at any time.
    Thanks for subscribing!