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.
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.
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They should probably be more worried about China…
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