The government of Pakistan will announce on Monday that it is introducing new cryptocurrency regulations, the Express Tribune reports. The new Electronic Money Institutions regulations are being introduced as part of a broader action plan developed in response to recommendations from the country’s Financial Action Task Force (FATF)
The Express Tribune cited sources within the finance ministry, who reportedly confirmed that the regulations will be introduced at a Monday ceremony at the State Bank of Pakistan’s Islamabad office. The ceremony is expected to be attended by government officials and the governor of the bank.
According to the unnamed sources, the task force had cited risks related to terror financing, and the regulations are at least in part designed to address those concerns:
“These regulations will help combating money laundering and terrorism financing while it will also help regulation of digital currency throughout the country.”
Reporting suggests that the new regulations will ensure that cryptocurrencies are regulated in accordance with standard rules applying to financial institutions, with an eye toward preventing money-laundering, terror financing, tax evasion, and other criminal activity.