• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Pakistan Government To Ban Cryptocurrency Trading
Nexo

Pakistan Government To Ban Cryptocurrency Trading

Dan B by Dan B
4 months ago
in Crypto News
0

Pakistan’s FIA (Federal Investigation Agency) has announced that they plan on obtaining a court order from the PTA to block cryptocurrency trading websites. The government is stated to be doing so as part of their efforts against fraud and money laundering.

The Director-General of the FIA, Dr. Sanaullah Abbasi, met with State Bank Pakistan’s Cyber Crime Circle Office to discuss current digital security issues and how they can work together more closely going forward.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

As per the FIA chief, The SBP officials presented a mechanism to regulate crypto platforms.

Related Reading | Facebook Evolves Into The Metaverse, A Centralized and Dystopian Virtual Reality

The SBP team informed the participants that new regulations for cryptocurrencies would be submitted soon under orders from the Sindh High Court.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Pakistan’s FIA Deem Cryptocurrencies An Insure Way To Transact Business

Law experts have expressed their concerns over cryptocurrencies, calling them an insecure and fraudulent way to transact business.

“Crypto has given a new dimension to fraud,” said Abbasi, adding that it would also connect legal experts for help with fraud issues arising out of this technology.

Related Reading | Retail Giant Walmart Ventures Into The Metaverse With Its Own Crypto And NFTs

The director-general of FIA has pointed out that cryptocurrency is legal in many countries but banned or restricted in some for valid reasons. He observed they were primarily concerned about fraud and money laundering aspects when deciding whether to allow crypto platforms’ use.

The lack of laws to tackle crypto has been raised in meetings earlier this week. For example, there are no sections under the Remittance Act 1947 (FERA), Prevention Of Electronic Crimes Act 2016, Foreign Exchange and Anti-Money Laundering Act 2010 (AMLA).

Only a few times, the action was taken by Cyber Crime Wing under section-23 of FERA and AMLA. This is an act that law enforcement agencies use against cybercriminals who have been caught red-handed breaking into information systems to commit financial crimes such as mortgage scams or stealing funds from customers’ accounts at ATMs that operate on these networks.

The Financial Action Task Force is yet to issue any regulations for Virtual Asset Service Providers (VASP) following their meeting on the matter. The lack of a regulatory framework leaves many questions unanswered, including what steps VASP will have to take if caught doing illegal or inappropriate, such as terrorism financing?

The Pakistani regulatory body, the Securities Commission of Pakistan (SECP), says it will treat virtual currencies like stocks to adopt “a prohibited approach.”

The finance ministry has published an advisory to avoid dealing with digital money, initial coin offerings, and other such crypto-based projects.

The FIA director general Abbasi announced against those involved in a scam where people were being cheated. He revealed data collection on possible suspects to ensure no more victims will fall prey.

The Financial Action Task Force (FATF) is moving to investigate a $100 million cryptocurrency scam after 11 popular bitcoin exchange apps were taken off of their platforms, defrauding Pakistani investors.

In recent development, the FIA arrested “Dr. Zafar” five months ago for deceiving Pakistani citizens through cryptocurrency schemes.

Pakistan Government To Ban Cryptocurrency Trading
Crypto Total Market Cap Stands At $1.8 Trillion  | Source: TradingView.com

Just yesterday, on Jan 20th, 2022, Federal Investigation Agency (FIA) requested Pakistan Telecom Authority (PTA) to ban over 1600 cryptocurrency websites. The ministers say the move is an effort to regularize cryptocurrency.

Featured Image From Britannica and chart from TradingView.Com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Dan B

Dan B

Veteran crypto and finance writer & editor.

Related Posts

Is Russia Going To Legalize Crypto As A Form Of Payment? Court Sets Precedent In New Verdict

Is Russia Going To Legalize Crypto As A Form Of Payment? Court Sets Precedent In New Verdict

9 hours ago
Thailand Readies Itself For Digital Economy, Removes Crypto Transfers From VAT Till End Of 2023

Thailand Readies Itself For Digital Economy, Removes Crypto Transfers From VAT Till End Of 2023

13 hours ago
Crypto Scheme

US Congress Investigates Cawthorn Over Alleged Involvement In Crypto Scheme

16 hours ago
Crypto

Crypto Billionaire Says He May Shell Out $1 Billion On The 2024 U.S. Election

17 hours ago
StepN

StepN Explodes In Popularity, Native Token GMT Soars To $860 Million Market Cap

1 day ago
Davos 2022: Billionaire Ray Dalio Calls The Blockchain Great; Says He Holds Bitcoin

Davos 2022: Billionaire Ray Dalio Calls The Blockchain Great; Says He Holds Bitcoin

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.