Taiwan’s Regulatory Stance: Payments Industry Implications

Taiwan’s FSC Blocks Credit Card Usage for Cryptocurrency: Implications for Payments

The recent directive from Taiwan’s Financial Supervisory Commission (FSC) instructing banks to deny virtual asset providers (VASPs) the status of merchants for credit card transactions has sent shockwaves through the global financial landscape. This move, part of Taiwan’s cautious approach to cryptocurrencies, effectively blocks credit card usage for cryptocurrency purchases in Taiwan and has prompted discussions on the broader implications for the payments industry.