The Nepali telco regulator has warned internet and email service providers to block websites related to cryptocurrencies or risk legal repercussions.

The internet service providers (ISPs) in Nepal have been ordered to block all cryptocurrency trading websites, and the country's telecoms regulator has threatened legal action against those who disobey.

The Nepal Telecommunication Authority (NTA) issued a notice on January 8 ordering ISPs and email service providers to block access to "websites, apps, or online networks" related to cryptocurrencies.

It reiterated that cryptocurrency transactions in the nation are prohibited and noted that virtual currency transactions "are increasing in recent days [translated]".

In a notice published in September 2021, Nepal Rastra Bank (NRB), the nation's central bank, deemed cryptocurrency trading and mining to be illegal. Additionally, it is illegal to "encourage" others to use cryptocurrency.

Similar warnings regarding cryptocurrency websites were issued by the NTA in April 2022. The public was urged to contact the regulator if they had any information "related to the name of such website, app, or online network."

Although it did not demand a ban on access to crypto services at the time, the April notice also threatened legal action if "anyone is found to have done or been doing" crypto-related activities.

Despite the fact that cryptocurrency is prohibited in the nation, a report published in September 2022 by the blockchain data company Chainalysis showed that emerging markets, including Nepal, are leading the way in terms of adoption.

Nepal entered the top 20 global adopters of cryptocurrencies, ranking 16th overall, ahead of the United Kingdom.

In a report published in November 2021, the Law Library of Congress compiled a list of just nine nations that have outright banned cryptocurrencies, and Nepal was one of them.

China, Algeria, Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia are additional nations.

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