Although cryptocurrency market is not huge in Pakistan, it is still susceptible to theft which is why SECP has advised people to be wary of scams.
Securities and Exchange Commission of Pakistan (SECP) have revealed that various people and companies are offering investment in cryptocurrencies such as Bitcoin, Swisscoin, OneCoin and other virtual and digital currencies.
However, none of these people, companies and entities are recognized or authorized by SECP or any other regulatory agencies in Pakistan to receive deposits from the public or to provide any investment or other financial services in or from Pakistan.
Moreover, SECP also mentioned that any investment opportunities promoted by unregistered organizations are risky and can be a fraudulent pyramid scheme.
SECP stated, “There is no protection available to investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business.”