The Financial Action Task Force (FATF) clarified that it does not require countries to ban virtual assets and virtual asset service providers indiscriminately, in response to reports that Pakistan's anti-crypto stance was due to a condition set by the global money laundering watchdog. Pakistan's Minister of State for Finance and Revenue had reportedly stated that cryptocurrencies cannot be legalized in the country to avoid being placed on the FATF's "grey list" of nations under increased monitoring. However, the FATF stated that countries are permitted, but not required, to prohibit virtual assets and service providers. Pakistan's government has previously declared its intention to ban crypto, but adoption as a hedge remains popular in the country.