Pakistan has been exploring crypto regulations more actively. Here are some key points:
Regulatory Developments: The Securities and Exchange Commission of Pakistan (SECP) has been working on a framework to regulate cryptocurrencies and digital assets, aiming to balance innovation with security. There have been discussions about creating a central bank-backed digital currency (CBDC), but a concrete timeline or plan hasn't been finalized.
Regulation of Exchanges: Crypto exchanges are still not formally recognized by the government, and some users face challenges withdrawing or trading crypto via local exchanges. However, there has been a push for exchanges to operate under stricter compliance rules to prevent scams and fraud.
Market Growth: Despite regulatory uncertainties, the crypto market continues to see growth in Pakistan. More people are engaging in trading Bitcoin, Ethereum, and other altcoins, especially as alternatives to traditional financial systems.
Potential for Legalization: The government is gradually leaning towards regulating the industry rather than a complete ban. In recent months, there have been statements from officials hinting that they may soon come up with comprehensive policies, but this is still in the works.