The Federal Investigation Agency (FIA) of Pakistan plans to apply to the Telecommunications Authority to block sites dealing with cryptos, Dawn has learned.
According to FIA Director General Sanaullah Abbasi, these measures are necessary to prevent fraud and money laundering. He spoke to the media after holding a meeting with a group of senior State Bank of Pakistan (SBP) officials. He said:
“SBP officials spoke at the meeting with a report on the regulatory mechanism.”
The Central Bank also informed the meeting participants it has recently submitted a report on the use of digital assets at the direction of the Supreme Court of Sindh. Abbasi said:
“Cryptocurrency has given fraud new dimensions.”
He has added the agency will turn to legal experts to resolve issues related to digital assets.
According to him, during the meeting it was announced the country lacks a regulatory framework for service providers in the field of virtual currencies to comply with the FATF requirements.