So the government has announced a new set of regulations in a bid to regulate digital currencies, in additionthe federal government of Pakistanhas introduced a new Electronic Money Institutions (EMIs) regulations. The Finance Minister of Pakistan Asad Umar was present at a ceremony whichwas held at the Islamabad office of the State Bank of Pakistan today where he announced the new regulations for the cryptocurrencies.
Henceforth, thesenew set of regulations will helpintackling crimes such as money laundering and terrorist financing and will also help to regulate digital currency throughout the country. EMIs are launched on the recommendation of the Financial Action Task Force (FATF).
In this regard the FATF report states, that terrorist organizations may use currencies such as these as a medium to launder money for carrying out their terrorist activities. The report also admits to the fact hat cryptocurrency provides an opportunity for illegal activities. Furthermore , the task force has also warned people about the illegal activities including terror financing, tax evasion, and money laundering, which can all be done using a digital currency and hence it is necessary to keep such a thing under check.
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Moreover, the Pakistani government after implementing on these recommendations, have in turn also introduced Electronic Money Regulations which are based on the EMIs will be issued licenses by the government. The government will also have the authority to suspend the licenses of the Electronic Media Institutions if they do not follow the necessary rules and regulations which have been set by the regulatory authorities.
