While India’s regulations on cryptocurrencies are still in limbo, Pakistan already knows how to deal with bad actors in the industry. Without wasting any time, the Securities and Exchange Commission of Pakistan (SECP) has shut down nine Ponzi cryptocurrency companies.In a strongly worded press release, the SECP said, “The SECP has advised public not to be misled by any schemes/deals/plans being offered by these companies: Gold Transmit Network Technology (Pvt.) Limited, Green Apple Super Market (Pvt.) Limited, Galaxy Typing Jobs (SMC-Pvt.) Limited, 3-A Alliance (Private) Limited, Pak Memon Impex (Private) Limited, Memon Corporation (Pvt.) Limited, Humanitas Meritus (SMCPrivate) Limited, IDG Enterprises (Private) Limited and Ayat Enterprises (Smc-Private) Limited. The SECP has already initiated legal proceedings against these companies for winding up in terms of section 301 read with section 304 of the Companies Act, 2017.”The press release further stated that the regulatory body had issued notices to some of the companies, involved in businesses which are prohibited and contrary to their object clauses of the Memorandum of Association. The release said, “These companies were found involved in unlawful activities such as collecting unauthorized deposits from the public, leasing of cars, houses, electronic alliances and other goods and materials. without lawful authority. Some of them are dealing in cryptocurrencies and offering Ponzi/Multi Level Marketing (MLM), referral marketing, pyramid schemes, employment schemes in Pakistan.”This is not for the first time, Pakistan has been in the news for blockchain and cryptocurrency. Earlier, Crypto-News India had reported that Telenor Microfinance Bank, in partnership with Valyou of Malaysia, had introduced Pakistan’s first blockchain-based cross-border remittance service. The service was developed by China-based blockchain company, Alipay, which is the the online payment platform operated by Ant Financial Services Group (“Ant Financial”).At the time, State Bank of Pakistan Governor Tariq Bajwa had said, “This puts Pakistan on the map of very few countries in the world that have launched International Remittance using blockchain technology. At around USD 20 billion per year, international remittances are important from the perspective of overall macroeconomic stability and their positive spillover in improving lives of millions of families. Home remittances contributed to over 6% in GDP, equivalent to over 50% of our trade deficit, 85% of exports and over one-third of imports during FY 2017-18.”Liked what you read? Join us on Telegram
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