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Credit Cards Should Not Be Used For Crypto Transactions, Taiwan’s Financial Watchdog Says

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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.

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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.

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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

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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.

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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.

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Binance Suspends Transactions With Russian Mastercard And Visa Cards

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Binance Suspends Transactions With Russian Mastercard And Visa Cards

Crypto exchange Binance has blocked transactions with Mastercard and Visa cards issued in the Russian Federation. The trading platform announced the move after the American payment giants decided to halt operations in Russia over its military invasion of Ukraine.

Russians Unable to Use Their Mastercard and Visa Cards on Binance

Starting on Wednesday, March 9, all transactions initiated with Mastercard and Visa cards issued in Russia will be unavailable on Binance. The world’s largest cryptocurrency exchange by trading volume explained this is due to the U.S. payment processors’ decision to suspend their activities in the Russian Federation.

The platform further noted that all transactions initiated with Mastercard and Visa cards issued by financial institutions outside of Russia will be unavailable on Binance within the country, also in line with the policy changes announced by the two financial services corporations.

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The restrictions apply only to Binance’s crypto-to-fiat service, Forklog reported, quoting a representative of the company. Traders will still be able to use Russian cards in peer-to-peer transactions, except those issued by banking institutions placed under sanctions, the spokesperson elaborated.

Amid an ongoing Russian military assault on Ukraine, Kyiv issued a call on crypto exchanges to freeze the accounts of all Russian users. While some platforms, such as the U.S. Coinbase and the South Korean Upbit and Bithumb have imposed restrictions, major global exchanges like Binance and Kraken denied the request to unilaterally freeze the accounts of all Russia-based users.

With the West expanding financial sanctions on Moscow, Russians have turned to the digital assets market with reports revealing a spike in Russian ruble trading, including on Binance. Earlier in March, its founder and CEO Changpeng Zhao stated the exchange was following sanction rules without limiting access for ordinary Russian citizens that are not on the sanctions lists.

Binance has also been actively involved in the financing of humanitarian efforts in Ukraine. The exchange announced the donation of $10 million for the Ukrainian people suffering from the military conflict and the Binance Charity Foundation gave Unicef $2.5 million worth of cryptocurrency.

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You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

Do you expect Russian traders to face more restrictions on cryptocurrency exchanges in the future? Tell us 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.

Advertisement

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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.

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