India’s Legislative Crypto Decisions Will Impact Nepal; Regulator Restricts Apps

[waybesuricata]

In a circular released earlier this week, the Nepal Telecommunications Authority (TPA) has warned against the use of crypto instruments that are not legally recognized in the country.

Meanwhile, local reports claim that the regulatory body is also clamping down on crypto activity by blocking related apps and websites. The translated circular noted that transactions using digital technologies such as Virtual Currency and Network Marketing, which are not legally recognized as monetary instruments, are on the rise in recent days.

Crypto apps and websites ‘blacklisted’
The release also remarked that the use of crypto is prohibited if operated and managed within Nepal, and therefore, these activities have reportedly been ‘disabled and blacklisted.’

Notably, the moves comes when the country’s inward remittance flow has reportedly been falling as citizens abroad are increasingly relying on digital methods like crypto to make transfers.

“Illegal activities such as cryptocurrency, bitcoin, hyper networking, online gambling, and financial crime-related activities through online technology and virtual media are illegal and criminal activities, so all concerned are informed not to indulge in such acts,” the release stated.

The Central Investigation Bureau (CIB) of Nepal Police has also reportedly arrested individuals involved in the crypto sector.

Source: https://beincrypto.com/indias-legislative-crypto-decisions-will-impact-nepal-regulator-restricts-apps-websites/