In an apparent hardening of its stance against crypto, Pakistan’s government has stated that it would ban cryptocurrency services operational in the country and would never legalize crypto trading. 

Banning crypto was one of the requirements put forward by the Financial Action Task Force (FATF). 

A Fresh Ban 

The announcement was made by Aisha Ghaus Pasha, the Minister of State for Finance and Revenue, during a session of the Senate Standing Committee on Finance and Revenue on the 16th of May. The minister added that banning cryptocurrencies and crypto services operating in the country was one of the conditions set by the Financial Action Task Force. The task force had only recently removed Pakistan from its gray list. FATF’s gray list consists of countries that the body considers lacking when it comes to Anti-Money Laundering and Counter-Terrorist Financing. However, these countries are viewed as working to ensure compliance and remedy their issues. 

Several other officials, such as State Bank of Pakistan Director Sohain Jawad, extended their support to the decision. According to reports, the State Bank of Pakistan and the Technology Ministry were working together to draft the ban legislation. While the Financial Action Task Force cannot impose any sanctions, its findings could influence government and corporate policies globally. In 2022, the State Bank of Pakistan announced that it planned to ban crypto. This was the first clear position the bank had taken on the subject. 

Meanwhile, other banks have started reaching out to customers, informing them that cryptocurrency trading is illegal. 

“As per regulatory instructions from the State Bank of Pakistan(SBP), any remittance of foreign exchange directly/indirectly outside Pakistan to overseas foreign exchange trading, margin trading, and CFD trading apps/websites/platforms through any payment channel is not allowed/permitted by SBP, and such payments are inherently risky and illegal.”

Crypto Community Voices Disapproval 

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Author: Amara Khatri

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