- Nepal has started its crackdown on cryptocurrency trading.
- Regulators ordered internet providers to shut down websites and apps that dabble in crypto trading.
- On the other hand, countries like the US, Bahrain, and UAE revealed a more crypto-friendly approach.
In a move contrary to other countries, Nepal has recently started its crackdown on cryptocurrency.
According to local news website Nepal Press, the government has already started shutting down websites and mobile applications related to cryptocurrency trading. In detail, the Nepal Telecommunications Authority (NTA) has ordered internet service providers in the country to ban these platforms.
As for the decision for the crypto ban, Nepal tagged crypto trading as one of the reasons for the rise of economic-related crimes. This was what the country’s Ministry of Communications and Information Technology sent to the NTA earlier.
The decision ruffled some feathers in the crypto community. Nevertheless, others remain unfazed, believing that the crypto ban will not stand due to the decentralized nature of cryptocurrencies, particularly Bitcoin.
On the other hand, other countries such as the US, Bahrain, and the UAE, as well as the European Union, made headlines recently due to their pro-cryptocurrency developments.
For instance, the European Union voted to keep Proof-of-Work (PoW) cryptocurrencies in the Markets in Crypto-Assets (MiCA) regulation. Meanwhile, Binance obtained a crypto exchange license from Bahrain. FTX also revealed its plan to establish a regional headquarters in Dubai, UAE, after gaining regulatory approval from the said emirate.
In other news, India has started investigating cases involving crypto-related crimes. Specifically, the country is suspecting up to seven money laundering cases amounting to $18 million.