The FIA ​​Calls On The PTA To Ban All Cryptocurrency Sites

The FIA ​​Calls On The PTA To Ban All Cryptocurrency Sites

The FIA ​​Calls On The PTA To Ban All Cryptocurrency Sites

The Federal Investigation Agency (FIA) has decided to approach the Pakistan Telecommunications Authority (PTA) to specifically ban and blacklist crypto-related websites from Pakistan.

According to local reports and sources, the federal regulator is exploring various regulatory options to tighten its control over the local crypto space to prevent online fraud and money laundering using the instrument’s ‘untraceable’ network.

Speaking at a recent press conference following a meeting with a delegation of senior State Bank of Pakistan (SBP) officials at the Cyber ​​​​Crime Circle office, FIA chief Sanaullah Abbasi briefed reporters on the agency’s efforts to combat digital/virtual assets.

“Cryptocurrencies have brought a new dimension to fraud,” he said, adding that the regulator “will be reaching out to Pakistan’s Telecommunications Authority to block cryptocurrency-related websites to prevent fraud and potential money laundering.”

Illegal use or misuse of cryptocurrencies is not addressed in any section of the Electronic Crime Prevention Act 2016, the Foreign Currency Transfers Act 1947 (FERA), or the Money Laundering Act 2010 (AMLA), according to the meeting. There is also no regulatory framework to ensure Virtual Asset Service Providers (VASPs) follow FATF guidelines.

It was also revealed that SBP and the Securities and Exchange Commission of Pakistan (SECP) have taken a “prohibited approach” to deal with digital/virtual currencies and warned citizens.

Also Read: Minister Of State Shares Big News On Pakistan’s Cryptocurrency Ban

In recent weeks, the cryptocurrency world has been rocked by a series of regulatory earthquakes in Pakistan as local authorities appear to step up their crackdown on illegitimate sources of funding.

The FIA ​​​​​​has launched an investigation into a multimillion-dollar scam involving 11 Binance-affiliated apps that defrauded Pakistani investors of more than $100 million (17.68 billion rupees). Although the exact number is unknown, unofficial data suggests that more than 37,000 people in Faisalabad were only duped after investing in fake cryptocurrency scams promising big profits.

Officials familiar with the situation believe the legal ambiguity surrounding digital currency trading has made it easier for Pakistanis to become victims of financial fraud.

Also Read: Cryptocurrency prices become stable as bullish investors deny to sell their assets

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