Many prominent figures and users in the digital currency sector are pushing hard for wider adoption of digital currencies. Pakistan, a country with financial problems, is implementing new regulations to regulate the sector with a view to improving its record in the fight against financial crime, The Express Tribune reported on 1 April.
The country has taken measures to reduce perceived levels of crime, including money laundering and terrorist financing. Now, a licensing plan for e-money institutions will be submitted.
Dunia News, a news portal in Pakistan covering the cryptosphere, was banned in April last year. Express Tribune quoted unnamed sources as saying:
“These regulations will help combat money laundering and terrorist financing while also helping to regulate digital currencies throughout the country”
Although the details of the resolution are vague, a ceremony will be held regarding the introduction of regulations at the offices of the Central Bank of Pakistan, the State Bank of Pakistan, on Monday. The ceremony is attended by Federal Finance Minister Assad Omar and Governor Tareq Bajwa.
The move comes after the International Monitoring Body (FATF), which has regularly expressed concern about the role of digital currencies in the financing of terrorism, reports.
In February, the FATF noted that Pakistan had made insufficient progress in its plan to combat the problem. The FATF is urging Pakistan to complete its plan of action quickly, particularly those with timetables in April 2019. “
The Securities and Exchange Commission of Pakistan (SECP) said last week it was taking action against nine companies accused of using digital currency as part of illegal operations.