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Sunday, October 2, 2022

Pakistan to Block Cryptocurrency dealing Websites

Dr. Sanaullah Abbasi, Director-General of the Financial Intelligence Agency (FIA), informed the press on Saturday that his agency will approach the Pakistan Telecommunication Authority (PTA) to request that crypto websites be blocked in order to combat fraud and money laundering.

His statement came after a meeting with senior officials from Pakistan’s central bank, the State Bank of Pakistan (SBP). The SBP officials presented a presentation about a governing mechanism at the meeting.

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During the meeting, SBP officials mentioned that the central bank had filed suggestions on the legal framework for cryptocurrencies in Pakistan under the order of the Sindh High Court. The State Bank has proposed that cryptocurrency be outlawed completely.

The FIA director-general stated, “Crypto has introduced a new dimension to fraud,” while emphasizing that his department is primarily concerned with fraud and money laundering.

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The FIA chief went on to highlight the Prevention of Electronic Crimes Act 2016, the Foreign Exchange Remittance Act 1947 (FERA), and the Anti-Money Laundering Act 2010 in Pakistan (AMLA). He emphasized that they do not include safeguards for the unlawful and misappropriation of cryptocurrency.

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The FIA recently launched an investigation into a large financial swindle after 11 apps linked to cryptocurrency exchange Binance stopped working, according to Abbasi. Pakistani investors are said to have lost over $100 million as a result of the operation.

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