Following several years of contemplation, Pakistan has ultimately made a bold move for the crypto regulation. As per the reports, the Pakistani authorities are planning to implement comprehensive crypto regulations with the establishment of Pakistan Crypto Council. In this respect, the investment in digital assets such as Bitcoin ($BTC), Solana ($SOL), and Ethereum ($ETH) will become officially recognized in the country.
Pakistan Establishes Pakistan Crypto Council for Thorough Crypto Regulation
A few years back, in 2018, a circular was issued by the State Bank of Pakistan (SBP) to ban banking institutions from processing cryptocurrency transfers. However, over recent years, the crypto market went through a boom and a vast number of people adopted cryptocurrency in Pakistan. Nonetheless, over this period, this industry has been operating unregulated, increasing the financial and legal risks. Keeping this in view, the country’s authorities have established the Pakistan Crypto Council.
The Pakistan Crypto Council displays Pakistan’s commitment to financial innovation and advancement. The SBP and finance ministry are backing the project while Changpeng Zhao, the founder of the prominent crypto exchange Binance, has been recently appointed as its strategic advisor. With this development, Pakistan intends to align with the worldwide standards concerning the crypto assets. As a result of this, the crypto holders in the country will have a great convenience and confidence in a secure and regulated environment.
Catching up with Global Race in Crypto Adoption and Regulation
This Weekend, while crypto industry displays volatility, the key crypto assets $ETH and $SOL account for 0.56% and 1.75% price upsurge at $1,613.42 and $140.91 respectively. Moreover, amid this positive endeavor in the Pakistani market, crypto holders are optimistic about the further progress of these assets. However, whether the country remains effective in making pace with the global race in the crypto landscape or not is yet to be seen.
