Nepal Has Been Forced To Prohibit All Crypto-related Websites

Key Points:

• The government of Nepal has issued a directive requiring all internet service providers (ISPs) in the country to prohibit “websites, applications or online networks” involved with virtual currency.
• If any crypto-related conduct occurs on an email service provider’s platform, the company may find itself in legal trouble.

All internet service providers (ISPs) in Nepal have been told by the Nepalese Telecommunications Authority to immediately cease any and all crypto-related operations.

The Nepalese government is constantly working on the development of new tactics in order to crack down on activity that is associated with cryptocurrency. The government of this country has issued a directive requiring all internet service providers (ISPs) in the country to prohibit “websites, applications or online networks” involved with virtual currency.

In September of 2021, the country’s central bank issued a decree that prohibited any activity involving cryptocurrencies, including trading and mining for new cryptocurrencies. In April 2022, the authority in charge of Nepal’s telecommunications urged the general public for information against illicit activities, such as cryptocurrency trading.

Should any crypto-related activity take place on an email service provider’s platform, the provider could find itself in legal hot water. According to the notification, illegal transactions in the country that include cryptocurrencies “have been on the rise in recent times.”

In spite of the restrictions, Nepal is now rated 16th on Chainalysis’s 2022 Global Crypto Acceptance Index. This places Nepal higher on the index than countries such as the United Kingdom and Indonesia.

Base on a report that was compiled by the Library of Congress, Nepal is one of nine countries (along with China, Algeria, Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia) that have entirely prohibited the use of cryptocurrencies. Other countries on this list include Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia. Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia are some of the other countries that are included on this list.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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