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Taiwan Bans Crypto Purchases Using Credit Cards

Daily Market Wrap

  • Crypto market cap: 1.02 trillion, down 1.38%

  • BTC price stands at USD 22,077, down 1.41%

  • ETH price stands at USD 1,529, down 1.66%

  • Top gainer: Uniswap (UNI), up 3.52%

  • Top loser: Mina (MINA), down 8.36%


News of the Day

Taiwan bans purchasing crypto with a credit card.


Why it matters:

  • Taiwan’s Financial Supervisory Commission (FSC) issued a letter to the local banking association in early July, asking that credit card agencies stop bringing on crypto platforms as merchants

  • In the letter, credit card firms have been given three months to make adjustments and comply with the new law

  • The UK recently introduced a new bill that seeks to regulate stablecoins

  • Russia has also extended its ban on using crypto for payments, adding security tokens, utility tokens, and non-fungible tokens to the list


Crypto Daily Spotlight


Skeptics question the sustainability of move-to-earn Web 3.0 app called StepN.


Brief introduction: STEPN is one of the first move-to-earn Web 3 apps that has taken the crypto world by storm. Founded by Find Satoshi Lab and releasing its public beta version in December 2021, STEPN is a Solana-based Web 3 “lifestyle app” with Social-Fi and Game-Fi elements. To participate in the app, users must first purchase a sneaker NFT from the platform. Users can then earn Green Satoshi Tokens, or GSTs, by running while the app tracks an individual’s steps and own GMT tokens, which provide in-game governance rights. These tokens can be spent in the game, sold on an exchange like Binance (where it is now listed), or used to mint a new NFT.


Why it matters:

  • The Solana-based app recently generated $122.5 million in profits in the second quarter through platform fees

  • The company said in a Medium post that it intends to leverage 5% of the proceeds to initiate a buyback and burn program of its $GMT token

  • However, Ryan Mullins, the CEO of NFT (non-fungible token) sneaker game, Aglet, thinks that such a program will not be sustainable


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