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Pakistan cryptocurrency ban: SECP taking action against cryptocurrency firms

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The Securities and Exchange Commission of Pakistan or SECP is taking action against 9 cryptocurrency related firms for not following the crypto ban in the country.

 

Pakistan and Cryptocurrency:

Cryptocurrency is totally banned in Pakistan despite the fact that the country’s finance minister, Asad Umar himself has issued advice to regulate and legalize the trading of cryptocurrencies in the country.

 

The Securities and Exchange Commission of Pakistan is taking action against 9 companies namely:

– Ayat Enterprises SMC Pvt Ltd.
– IDF Enterprises Pvt Ltd.
– Humanitas Meritus Pvt Ltd.
– Memon Corporation Pvt Ltd.
– Gold Transmit Network Technology Pvt Ltd.
– Green Apple Super Market Pvt Ltd.
– Galaxy Typing Jobs SMC Pvt Ltd.
– 3-A Alliance Pvt Ltd.
– Pak Memon Impex Pvt Ltd.

 

Some of these firms have been accused of the collections of deposits people that were not authorized and leasing houses, cars, and other appliances. Others have been accused of offering MLM schemes related to cryptocurrencies in the country.

 

This is the first time that the Securities and Exchange Commission of Pakistan has taken such an action against companies dealing in cryptocurrencies. The regulation of cryptocurrencies in the country is still in its advisory position and the roll-out date is set on 20th July this year with the support from Asad Umar, the finance minister of the country. According to Umar, the regulation shall especially focus on KYC and AML policies when cryptocurrency trading shall be legalized.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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