Pakistan is taking concrete steps towards regulating cryptocurrency, creating a new structure for the Crypto Council digital assets. While cryptocurrency is still illegal in the country, the Crypto Council aims to build a safe and transparent crypto ecosystem. Significantly, this crypto regulation step follows the country’s recent decision to establish a strategic bitcoin reserve.
Pakistan Crypto Regulation: New policies take shape
The Pakistan Crypto Council (PCC) convened a high-level meeting in Islamabad, taking important steps towards creating a solid crypto regulatory structure for the country. Council aims to create A strong crypto structure that balances innovation with security, transparency, investor protection and financial inclusion.
In particular, the objective of Pakistan Crypto regulation is to promote blockchain development, protect investors and run financial inclusion. Its crypto regulation has been established by the country, as part of the regulation plans Pakistan Digital Assets Authority (PDAA).
The meeting was led by Finance and Revenue Minister Senator Muhammad Aurangzeb. Other members included SBP Governor, SECP Chairperson and Law and Ministry of Law and IT officials. A technical committee will be formed to further develop these initiatives, Pakistan’s Representative and Representatives of the Exchange Commission of Pakistan and other relevant government agencies.
The ministry said, “Participants also discussed various options around the establishment of an autonomous regulatory authority to oversee and regulate digital finance and crypto ecosystem in the country.” The Finance Division said,
It was agreed to set up a technical committee to include SBP (State Bank of Pakistan), SECP (Pakistan of SECP and Exchange Commission), Law Division and IT and Telecom Division. The committee will review the draft laws and in its next meeting will propose a strong structure and governance structure reviewed by the Pakistan Crypto Council.
Regulatory clarity paves the way for Pakistan’s bitcoin reserve
In bitcoin conference, Crypto Council Head Bilal bin Saqib announced Pakistan’s possible plan to embrace bitcoin reserve. However, the plan is expected to face an inquiry from the International Monetary Fund (IMF), which can complicate its implementation. This development was co -covered and later covered Local news outlet confirmed by samaa,
It is worth noting that the establishment of clear crypto rules can play an important role in supporting the country’s bitcoin reserve schemes. A well -defined structure will protect investors and ensure long -term stability of the initiative. This IMF can also help address concerns and reduce potential complications.
Ninu V Jamal
Ninu V Jamal is an emotional crypto journalist with a three -year experience in Blockchain, Web 3 and Fintech regions. He has established himself as a knowledgeable and attractive voice in cryptocurrency and blockchain space. His experience as an assistant professor in English language and literature has added more in search of informative, well research and accessible material.
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