ISLAMABAD: Pakistan has introduced its first-ever policy framework to regulate virtual assets and service providers, aligning with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF), the country’s top investigation agency said on Thursday.
The new policy, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, is meant to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan.
The move follows the establishment of the Pakistan Crypto Council last month to create a legal framework to create a legal framework for cryptocurrency trading in a bid to lure international investment.
Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
“Pakistan has formulated its first-ever comprehensive policy framework for the regulation of Virtual Assets and Virtual Asset Service Providers,” the Federal Investigation Agency (FIA) said in a statement.
The policy will be scrutinized by stakeholders and legislative proceedings before being implemented in phases from next year.
The policy aims to curb money laundering, terrorism financing, financial instability and the potentials of blockchain-based finance and also provide space for innovation and develop institutional expertise.
“This is a paradigm shift in how Pakistan views digital finance,” FIA Director Sumera Azam was quoted in the statement as saying. “The policy proposal seeks to strike a historic balance between technological advancement and national security imperatives.”
She added that the framework aligned with FATF Recommendation 15 on compliance and financial integrity.
FATF Recommendation 15, titled “New Technologies,” ensures that AML and CFT frameworks are adaptable to emerging financial technologies, including virtual assets and virtual asset service providers.
Pakistan unveils first-ever policy to regulate digital assets in line with FATF guidelines
https://arab.news/9uvkw
Pakistan unveils first-ever policy to regulate digital assets in line with FATF guidelines
- New policy will set rules for the operation of digital currencies and related companies in Pakistan
- Pakistan Crypto Council was established in March to create legal framework for digital currencies
Turkish agents capture senior Daesh member on Afghanistan-Pakistan border
- The Turkish citizen was allegedly tasked with suicide bombings in Turkiye, Pakistan, Afghanistan and Europe
- It was not clear when the operation took place or whether Afghan and Pakistani authorities were involved
ANKARA: Turkish intelligence agents have captured a senior member of the Daesh (Islamic State) group in an area along the Afghanistan-Pakistan border, allegedly thwarting planned suicide attacks in Turkiye and elsewhere, Turkiye’s state-run news agency reported Monday.
Anadolu Agency said the suspect was identified as Mehmet Goren and a member of the group’s Afghanistan-based Daesh-Khorasan (IS-K) branch. He was caught in a covert operation and transferred to Turkiye.
It was not clear when the operation took place or whether Afghan and Pakistani authorities were involved.
The report said the Turkish citizen allegedly rose within the organization’s ranks and was given the task of carrying out suicide bombings in Turkiye, Pakistan, Afghanistan and Europe.
Daesh has carried out deadly attacks in Turkiye, including a shooting at an Istanbul night club on Jan. 1, 2017, which killed 39 people.
Monday’s report said Goren’s capture allegedly also exposed the group’s recruitment methods and provided intelligence on its planned activities.
