🚨 Pakistan Opens Doors to Global Crypto Firms 🌎
Pakistan has invited international cryptocurrency exchanges and Virtual Asset Service Providers (VASPs) to apply for licenses to operate within the country, marking a significant shift in its regulatory stance toward digital assets. The Pakistan Virtual Asset Regulatory Authority (PVARA) will oversee the licensing process, ensuring compliance with global standards
Key Highlights:
- Global Adoption Ranking: Pakistan ranks 3rd in global crypto adoption, following India and another country, with over 40 million users and a trading volume exceeding $300 billion.
- Licensing Requirements:Firms must be licensed in major jurisdictions like the US, UK, EU, UAE, or Singapore, and demonstrate compliance with anti-money laundering (AML), counter-terrorism financing (CTF), and know-your-customer (KYC) protocols.
- Regulatory Framework:PVARA aims to create a secure and transparent digital assets ecosystem aligned with global standards from the Financial Action Task Force (FATF), International Monetary Fund (IMF), and World Bank .
What This Means for Pakistan:
- lncreased Oversight:Formal regulation may lead to more oversight, potential revenue from licensed businesses, and better control of risks.
- Foreign Investment:Pakistan's growing crypto market and regulatory clarity may attract foreign investment and innovation.
- Shariah Compliance: The government has mandated Shariah-compliant services, ensuring adherence to Islamic finance principles .#Pakistan #CryptoAdoption #BullRunAhead #MarketMeltdown #SECReviewsCryptoETFS $XRP $BNB $ARB