Pakistan Cracks Down on Crypto-Linked Crime with New Investigation Unit

Pakistan has established a dedicated cryptocurrency investigation unit to combat money laundering and terrorism financing through digital assets. The unit, set up by the Federal Investigation Agency (FIA), is part of the agency's National Command and Control Centre (NC3) and will focus on investigating the criminal use of cryptocurrencies.

The FIA Counter-Terrorism Wing Director, Dr Muhammad Athar Waheed, stated that the unit would work alongside the Pakistan Virtual Assets Regulatory Authority (PVARA), which is responsible for regulating digital assets. He also urged other agencies to set up similar units to tackle crypto-related crimes such as cybercrime and drug trafficking.

The establishment of the cryptocurrency investigation unit marks a significant step in Pakistan's efforts to formalize the sector. The country has been actively working on embracing digital assets, including lifting an eight-year banking ban and creating PVARA.