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The Taiwan Financial Supervisory Commission (FSC) assigns an explanatory note to banks. It states that banking institutions should not accept turnovers of assets (crypto exchanges) by buyers using bank cards.

In the document, the regulator warned about the risks associated with cryptocurrencies and gave financial institutions three months to comply with the new requirements.

According to Taiwanese media, the FSC has also restricted the use of bank cards for online gambling, stock purchases, futures, and options.

According to the department, virtual assets are risky and highly speculative, therefore, by analogy with paying for online casino services, and buying shares and futures, crypto trading should also be limited.

In June, the head of Taiwan’s central bank, Yang Chin-long, said that the department is still working on a national digital currency. However, it is too early to talk about the exact timing of the release of CBDC.

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