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#PakistanCryptoCouncil šØšØ
Pakistan is taking important steps to regulate cryptocurrency! ššµš°
The government has created a National Crypto Council to help integrate digital assets into the countryās financial system. A chief advisor on crypto has also been appointed to lead this change. š„
This comes after years of caution. The State Bank of Pakistan had banned crypto transactions, but increasing public interest and global trends are now pushing for change. šš
The government plans to update key financial laws, like the SBP Act, FBR tax laws, and AML/KYC rules to include cryptocurrencies. šā
Pakistan intends to classify cryptocurrencies based on their useāwhether for payments, investments, or smart contracts. This approach will avoid overregulation while keeping financial transparency. āļøš”
The government is also looking at international models, such as the EUās MiCA, the U.S. multi-agency system, and Japanās classification of crypto as legal property, to create a plan that suits Pakistanās economy. ššļø
Plans include licensing crypto traders, exchanges, and wallet providers, as well as ensuring they follow AML/KYC rules and pay taxes. š°š
To protect users and prevent fraud, the government will strengthen cybersecurity, consumer protection, and dispute resolution systems. š”ļøš
Finally, Pakistan will focus on training institutions like the SBP and SECP, and work with global organizations like FATF and IMF to make informed decisions about crypto regulation. š¤š
This roadmap shows Pakistanās goal to become a regional leader in blockchain technology, attract foreign investment, and promote digital financial inclusion. ššøš
#pakistanicrypto #PakistanCryptoMarket #pakistanā¤ļø