Nepal’s telecommunication regulator has directed the country’s internet service providers (ISPs) to ban all cryptocurrency trading websites. It is believed that legal actions will be taken against those who do not comply, as reported by Cointelegraph.
According to Cointelegraph, through a January 8, 2023, notice, Nepal Telecommunication Authority ordered ISPs and email service providers to stop access to “websites, apps or online networks” related to crypto. The platform highlighted that virtual currency transactions “are increasing in recent days [translated],” and emphasised on crypto transactions being prohibited in the country.
On the basis of information by Cointelegraph, Nepal Rastra Bank (NRB), the country’s central bank, stated that crypto trading and mining being illegal through a September, 2021, notice. In April, 2022, NTA made issuance of a same caution notice around crypto websites. Reportedly, the public was asked to inform the regulator if they have information “related to the name of such website, app or online network.”
Moreover, Cointelegraph noted that Nepal secured the 16th rank among the global top 20 in terms of crypto adoption, ranking above the United Kingdom. Nepal has been included in a list of nine countries which have ensured a ban on cryptocurrencies, according to a November, 2021, report from the Law Library of Congress.
(With insights from Cointelegraph)