Pakistan is taking steps to establish a clear cryptocurrency regulatory framework. The Pakistan Crypto Council (PCC) has convened a high-level meeting to discuss and draft regulations for digital assets, focusing on:
*Investor Protection*: Ensuring investors are safeguarded and protected from potential risks associated with cryptocurrency investments.
$BTC - *Compliance*: Implementing robust Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) measures to prevent illicit activities.
- *Financial Inclusion*: Creating a secure and transparent crypto ecosystem that promotes financial inclusion and innovation.
$BNB The PCC aims to establish the Pakistan Virtual Assets Regulatory Authority (PVARA), an autonomous body to oversee the digital finance and crypto ecosystem. Key developments include:
- *Taxation*: A 5% tax on cashing out crypto held in foreign exchange accounts, 10% on Roshan digital accounts, and 15% on crypto trading profits.
$ETH - *Regulatory Framework*: Drafting regulations to govern digital assets, with a focus on security, transparency, and innovation.
#pakistanicrypto Despite these efforts, cryptocurrencies currently remain *illegal* in Pakistan, with the government emphasizing the need to prevent illicit activities and comply with international regulations.
*Recent Developments:*
- The government has announced plans for a Bitcoin reserve, which could potentially face scrutiny from the International Monetary Fund (IMF).
- The PCC is working to create a regulatory framework that balances innovation with security and transparency.
*Key Stakeholders:*
- *Pakistan Crypto Council (PCC)*: Established to regulate and integrate blockchain technology and digital assets.
- *State Bank of Pakistan (SBP)*: Has previously banned cryptocurrency transactions.
- *Securities and Exchange Commission of Pakistan (SECP)*: Involved in shaping the regulatory framework.