• Pakistan announced plans to regulate cryptocurrencies with immediate effect.
  • The action taken had come in accordance with recommendations form the FATF.

Pakistan has drafted plans to regulate cryptocurrencies, this comes in accordance with recommendations of the Financial Action Task Force (FATF). These regulations are set be introduced immediately.

Previously Pakistan had taken a stern stance against cryptocurrencies. The country’s central bank had issued warnings that banks and other financial services providers against offering services which supported virtual currency transactions.

As a recap, in April 2018, the State Bank of Pakistan (SBP) via their official Twitter account issues a reminder to the general public that they are overseeing and regulates domestic and international payment and money transfer services.

They tweeted:

CAUTION REGARDING RISKS OF VIRTUAL CURRENCIES General Public is advised that domestic and international payment and money transfer services in Pakistan are regulated by SBP under the applicable laws.

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