Source: news.bitcoin.com

According to a report published Sunday in the Dawn newspaper, the Federal Investigation Agency (FIA) of Pakistan is trying to shut down cryptocurrency-related websites. According to the Pakistani government’s website, the Federal Investigation Agency (FIA) is “a border control, criminal investigation, counter-intelligence, and security agency under the control of the Interior Secretary of Pakistan,”

Dr. Sanaullah Abbasi, Director-General of the FIA, informed the press on Saturday that his agency would ask the Pakistan Telecommunication Authority (PTA) to block crypto websites to combat fraud and money laundering.

His statement followed a meeting with senior officials of the State Bank of Pakistan (SBP), the country’s central bank. The FIA chief said:”

“The SBP officials gave a presentation in the meeting about a regulating mechanism.”

In the discussion, SBP officials said that the central bank had recently provided suggestions on the legal framework for cryptocurrencies in Pakistan, which the Sindh High Court had requested. The State Bank has proposed that cryptocurrencies be outlawed completely.

The Director-General of the Federal Investigations Agency (FIA) said that his agency is primarily concerned with fraud and money laundering:”

“Crypto has given a new dimension to fraud.”

The Federal Investigation Agency (FIA) then discussed current Pakistani legislation, including the Prevention of Electronic Crimes Act 2016, the Foreign Exchange Remittance Act 1947 (FERA), and the Anti-Money Laundering Act 2010. (AMLA). As an example, he pointed out that they do not include measures for the illegal and unauthorized usage of cryptocurrencies.

Furthermore, according to the newspaper, the discussion with SBP officials showed that Pakistan has “no regulatory framework for virtual asset service providers (VASPs) in order to comply with the FATF [Financial Action Task Force] requirements,”

Abbasi went on to say that the Financial Investigations Agency (FIA) recently launched an investigation into a big financial fraud when 11 applications related to cryptocurrency exchange Binance stopped operating. Pakistani investors are said to have lost more than $100 million due to the scam.

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