Taiwan’s Financial Supervisory Commission (FSC) has notified the local banking industry association that financial companies should ban crypto purchases with credit cards.
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According to a newspaper United Daily News, the FSC sees cryptocurrencies as highly speculative and volatile assets, which is why it wants to limit its turnover in the region. However, cryptocurrencies are not the only product that worries the FSC. The regulator also prohibited credit card issuers from processing payments tied to stocks, futures, options and gambling.
In June, Thailand’s local law enforcement arrested six Taiwanese nationals in Bangkok who had allegedly defrauded more than 500 people through a fraudulent crypto investment scheme.
According to reports, the detainees were charged with illegally conducting exchange business without a license. Notably, four of them have also been charged for working without a permit, a fifth for drug-related offenses and a sixth for having an expired visa.
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