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Cryptocurrency rip-off, No legislation governing digital currencies in Pakistan

by News Updater
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The Director Common Federal Investigation Company (FIA) revealed that presently there is no such thing as a legislation or regulatory framework for cryptocurrencies within the nation.

DG FIA Sanaullah Abbasi mentioned that there was no part of legislation accessible in PECA-2016, FERA-1947 and AMLA-2010 relating to unlawful and misuse of cryptocurrency. There was no regulatory framework for the digital asset service suppliers (VASP) to adjust to the FATF necessities, he added.
He warned banks to not make transactions utilizing digital foreign money mechanism as at current there’s a authorized lacunae within the nation to test in opposition to its unlawful operations and misuse.
FIA is taking over the difficulty of essential authorized lacunae with the State Financial institution of Pakistan on Tuesday for continuing in opposition to this new mode of crime.
At current, the cybercrime wing takes cognizance on the premise of on-line fraud, which isn’t enough sufficient, Abbasi underlined.
He mentioned, “the FIA is also investigating misuse of bank credit card for purchasing virtual currencies overseas, and wants the banks to guard against any violation of their system for transacting virtual currencies.”



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