Nepalese authorities are taking steps to restrict cryptocurrency-related activities. The Telecommunications Authority of Nepal issued a notification on January 8, 2023, instructing all internet service providers (ISPs) to prohibit the operation and management of crypto-related websites, applications, or online networks.
Earlier in September 2021, the country's central bank prohibited cryptocurrency activities such as trading and mining.
Recent concerns have threatened ISPs and email service providers with legal action if crypto-related activity occurs on their platforms. According to the notice, the country's illegal virtual currency transactions have increased in recent days.
Despite the ban, Nepal is ranked 16th in Chainalysis' 2022 Global crypto Adoption Index, ahead of countries such as the United Kingdom and Indonesia.
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