This step is the most important 👇✅
According to Cointelegraph, the federal government of Pakistan has begun establishing the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee the country's digital assets sector. This new body will operate as an independent regulatory authority, responsible for licensing, monitoring, and supervising virtual asset service providers. It aims to ensure compliance with international standards, particularly alignment with the Financial Action Task Force (FATF) guidelines.$BTC
The establishment of PVARA comes after an announcement in May from the Ministry of Finance in Pakistan, which supported the creation of this regulatory body. Mohammad Aurang Zeb, the Federal Minister of Finance and Revenue in Pakistan, emphasized the importance of regulation not only to keep up with developments but to lead in the field of digital finance. He mentioned that the framework is designed to protect consumers, attract global investments, and position Pakistan at the forefront of financial innovation.$XRP
Despite these advancements, Pakistan's strategy has faced challenges. The International Monetary Fund recently rejected a proposal from Pakistan to provide subsidized energy to energy-intensive industries, including Bitcoin mining. This decision came after reports in May indicating that Pakistan had allocated 2000 megawatts of surplus electricity for Bitcoin mining and artificial intelligence centers, as part of broader digital transformation efforts led by the Pakistan Digital Currency Council and supported by the Ministry of Finance.$BNB
In early June, the Pakistani State Minister for Digital Operations and Blockchain, Bilal Bin Saqib, participated in discussions with key figures such as Brandon Lottnick, Chairman and CEO of Cantor Fitzgerald, and New York City Mayor Eric Adams. The meetings focused on topics such as tokenization, Bitcoin mining, Pakistan's future in Web 3, and potential collaboration. Additionally, Saqib met with Robert “Bo” Hines, the Executive Director of the Digital Assets Council under President Donald Trump, during a visit to the White House. The discussions revolved around cooperation on cryptocurrency-based initiatives, including mining operations in Pakistan and Bitcoin reserves.#OneBigBeautifulBill #NFPWatch #BinanceTurns8 #WalletConnect @WalletConnect
