Nepal steps up education, transaction monitoring to combat crypto fraud

The Financial Intelligence Unit (FIU), a special department of the Nepal Rastra Bank (the country's central bank), has proposed to step up education and transaction monitoring to combat crypto fraud, Cointelegraph reported. It also highlights the importance of training financial institutions to identify and promptly report red flags. In addition, the authority also noted that it is essential to raise public awareness to prevent fraud, strengthen inter-agency cooperation, as well as optimize regulatory frameworks to cope with digital payment scams.