Thursday, April 18, 2024

Nepal: Regulator warns crypto activities are illegal.

The Nepal Telecommunications Authority (NTA) has warned the public against engaging in crypto activities as its illegal. Apps, websites, and online networks related to crypto activities are prohibited in Nepal. It urged the public not to engage in any activities, specifically Bitcoin and online gambling.

The NTA noted that transactions using cryptocurrencies have been on the rise in Nepal. As such, the regulator highlighted that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed in the country. NTA said it’s “illegal and criminal”. Those found engaging in such activities will have action taken against them in terms of the prevailing law.

In March, the regulator had directed internet service providers to shut down all crypto trading websites and apps. The NTA has disabled and blacklisted those engaged in crypto activities. Nepal’s Ministry of Communications and Information Technology had told the NTA that crypto trading, including Bitcoin, has increased economic crime in the country.

Surya Prasad Lamichhane, Deputy Director of NTA, highlighted that they have been directed by the government to shut down the apps after carrying out an investigation. The Nepal Police’s Central Investigation Bureau has also arrested and taken action against those carrying out crypto business.

Earlier this year, Nepal’s central bank issued a directive banning all Nepali nationals from buying or investing in digital assets. It also prohibited non-nationals living in Nepal from transacting in cryptocurrencies. The Nepal Rastra Bank highlighted the use of crypto to defraud people looking to migrate for work, and for further capital flight.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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