Pakistani authorities plan to block cryptocurrency websites.

The Federal Investigation Agency (FIA) of Pakistan plans to approach the Pakistan Telecommunication Authority to block cryptocurrency websites, according to Dawn.

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According to FIA Director General Sanaullah Abbasi, these measures are needed to prevent fraud and money laundering. He spoke to the press after a meeting with a group of senior officials from the State Bank of Pakistan (SBP).

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\”SBP officials presented at the meeting with a briefing on the regulatory framework,\” said the head of the FIA.

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The central bank also informed participants that recently presented a report on the use of digital assets as directed by the Sindh High Court.

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\”Cryptocurrency has given fraud new dimensions,\” said Abbasi.

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He added that the agency would consult legal experts to address issues related to digital assets.

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He said that at the meeting it was noted that the country lacks a regulatory framework for virtual-asset service providers to meet FATF requirements.

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Earlier, FIA initiated an investigation into a multimillion-dollar cryptocurrency scam, after 11 applications linked to the Binance exchange ceased operations, deceiving investors of more than $100 million.

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