Pakistan’s Federal Investigation Agency (FIA) is reportedly working to block websites involved with crypto assets. The FIA is an authoritative body conducting criminal investigations, border control, intelligence and security agencies operating under the administration of the Secretary of the Interior of Pakistan.
FIA Director General Dr. Sanaullah Abbasi told the press on Saturday that his agency would contact the Pakistan Telecommunications Authority (PTA) to block crypto websites as a measure to prevent fraud and money laundering.
The statement was issued following a meeting with senior officials of Bank Negara Pakistan (SBP), the country's central bank. The FIA chief said:
SBP officials gave presentations in meetings on regulatory mechanisms. During the meeting, SBP officials noted that the central bank had recently submitted a proposal under the direction of the Sindh High Court on the legal framework for crypto assets in Pakistan. The National Bank has recommended imposing a complete ban on crypto assets.
They stressed that his department is concerned in issues involving fraud and money laundering. On that basis, the Head of the FIA proposed to enact a new law because the existing law does not contain provisions for illegal and misuse of crypto assets.
Abbasi added that the FIA recently began an investigation into a case of massive financial fraud after 11 applications linked to Binance’s crypto asset exchange stopped working. The scheme allegedly defrauded Pakistani investors over $ 100 million.
