Telecommunications Authority of Nepal requires to block cryptocurrency-related resources

Telecommunications Authority of Nepal has ordered ISPs and email service providers to ban access to “websites, applications or online networks” related to cryptocurrencies. The order of the State Telecommunication Authority of Nepal (NTA) says that recently the country has recorded a massive use of digital technologies that provide for payment for services in virtual currencies that are not legally recognized as monetary instruments. The Agency draws the attention of all interested parties that this activity is illegal and is regarded as a financial crime. The NTA requires all Internet service providers, including email networks, to restrict access to websites, applications, online networks and gaming portals that allow any use of cryptoassets. The regulator warns that failure to comply with the requirements of state authorities, as well as “encouraging” Internet users to use cryptocurrency, is an activity punishable by law. Last August, the Central Bank of Nepal informed the public of its intention to introduce legislative amendments defining its powers and responsibilities for issuing a digital version of the Nepalese rupee.