|
Briefing
|
- Cryptocurrency Regulations – Pakistan's federal government decided to impose regulations on Electronic Money Institutions (EMIs) like cryptocurrency firms as per recommendations from Financial Action Task Force (FATF)
- FATF – Global money laundering watchdog that warned cryptocurrency poses risks for money laundering and terrorist financing
- Mandatory License – EMIs must meet certain requirements to be licensed by Pakistan's government or else face suspension or cancellation of licenses
- Requirements – EMIs are required to undergo scrutiny of executives, establish measures to protect users' funds, and implement customer due diligence like storing personal details (e.g. names, ID numbers, addresses, and telephone numbers)
- Next Steps – FATF to publish rules for international cryptocurrency regulation by June 2019, and will continue to work with Pakistan to curb money laundering and terrorism financing
|
|
Accelerator
|
|
|
Market Disruption
|
|
|
Sector
|
Financial Services, Government (excluding military), Information Technology
|
|
Function
|
Customer Experience and Service, Legal
|
|
Organization
|
Financial Action Task Force (FATF)
|
|
Source
|
|
|
Original Publication Date
|
April 1, 2019
|
