Pakistan’s Federal Investigation Agency has established a dedicated unit to tackle cryptocurrency-related crimes, signaling a significant escalation in the country’s regulatory approach to digital assets, according to Cointelegraph reporting.
A senior FIA official reportedly recommended that other agencies establish similar specialized units to address the growing threat of crypto-related financial crimes. The move comes as Pakistan grapples with increasing cases of fraud, money laundering, and illicit financing facilitated through digital currencies.
The new unit will focus on investigating and prosecuting crimes involving cryptocurrency, including investment scams, ransomware payments, and cross-border money laundering schemes. The FIA has previously conducted raids on illegal crypto exchanges and arrested individuals involved in fraudulent schemes promising high returns on digital asset investments.
Pakistan’s central bank has maintained a restrictive stance on cryptocurrencies, with the State Bank of Pakistan effectively banning banks from processing crypto-related transactions. Despite this, peer-to-peer trading and informal channels have kept crypto adoption alive in the country of 240 million people.
Industry observers note that enforcement-focused approaches without clear regulatory frameworks risk driving activity further underground. The dedicated unit represents a law-enforcement-first strategy rather than a comprehensive regulatory regime for digital assets.
The FIA’s move aligns with a broader trend in emerging markets where authorities are building specialized cybercrime capabilities to address crypto-related offenses. India, Nigeria, and Vietnam have similarly established dedicated units or task forces in recent years.
Source: Cointelegraph
