Pakistan Unveils Crypto Regulation Framework Focused on Compliance

Pakistan Proposes Compliance-Based Crypto Regulatory Framework: Report

Pakistan has proposed a compliance-based regulatory framework for the cryptocurrency industry, according to a report by local media outlet, The News International.

The proposed framework, which is yet to be finalized, aims to regulate the country's growing cryptocurrency market, which has seen significant growth in recent years. The framework is expected to provide a clear set of rules and guidelines for cryptocurrency exchanges, wallets, and other stakeholders in the industry.

According to the report, the proposed framework will focus on compliance-based regulations, which means that cryptocurrency businesses will be required to comply with certain standards and guidelines in order to operate legally in the country. This approach is seen as a more practical and effective way to regulate the industry, rather than imposing strict bans or restrictions.

The proposed framework is also expected to include measures to prevent money laundering and terrorist financing, as well as safeguards to protect investors and prevent market manipulation.

Pakistan's central bank, the State Bank of Pakistan, has been working on the proposed framework in collaboration with other government agencies and industry stakeholders. The framework is expected to be finalized and implemented in the coming months.

The proposed regulatory framework is seen as a positive development for the cryptocurrency industry in Pakistan, which has been growing rapidly in recent years. The country has seen a significant increase in the number of cryptocurrency exchanges and wallets, as well as the adoption of cryptocurrencies such as Bitcoin and Ethereum.

However, the industry has also faced challenges, including a lack of clear regulations and guidelines, which has led to concerns about the safety and security of investors. The proposed framework is expected to address these concerns and provide a more stable and predictable environment for the industry to operate in.