Cryptographic operations are prohibited, according to the Nepal Telecommunications Authority. Websites, applications and Internet networks associated with crypto activities are prohibited from use, operation or administration in the country, according to the regulator.
The NTA has declared that it is illegal to use, operate or manage websites, applications and Internet networks related to crypto activities in the country, despite the fact that transactions using digital technologies, such as than cryptocurrencies, are on the rise in Nepal.
The Nepal Telecommunications Authority (NTA), Nepal’s technology regulator, issued a notice on Monday warning the public against illegal activities such as cryptocurrencies, bitcoin and online gambling .
The regulator went on to warn the public that activities involving cryptocurrencies, including bitcoin, are “illegal and criminal”, stating:
In March, at the request of the country’s Ministry of Communications and Information Technology, the NTA ordered internet service providers (ISPs) to shut down all crypto-trading websites and apps. They are now deactivated and blacklisted, the regulator pointed out.
If it is discovered that someone is doing or has done such activities, action will be taken in accordance with applicable law.
The ministry reportedly told NTA that trading in cryptocurrencies, including bitcoin, has increased economic crime in the country.
Surya Prasad Lamichhane, Deputy Director of the NTA, reportedly said:
The government ordered the apps shut down after conducting an investigation. The Nepal Police Central Bureau of Investigation (CIB) has also arrested and taken action against some people engaged in crypto business.
Nepal Rastra Bank, the country’s central bank, issued a directive earlier this year prohibiting all Nepali nationals and non-nationals living in the country from buying and investing in cryptocurrencies. The central bank cited increased risk of fraud and illegal domestic capital outflows as the main reasons.
Summary of news:
- Nepal Shuts Down Crypto Websites and Apps, Warns Against Crypto Activities – Regulation – Bitcoin News
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