What are the legal regulations surrounding cryptocurrency in Pakistan?

3 answers

• Jan 12, 2022 · 3 years ago
  Cryptocurrency regulations in Pakistan are still evolving. The State Bank of Pakistan (SBP) has issued warnings about the risks associated with cryptocurrencies and has prohibited banks from dealing with them. However, there is no specific law that outright bans the use or trading of cryptocurrencies. The government is currently working on a regulatory framework to address the concerns related to money laundering and terrorist financing. It is advisable for individuals to exercise caution and stay updated with the latest developments.
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• Jan 12, 2022 · 3 years ago
  As of now, the use and trading of cryptocurrencies are not illegal in Pakistan. However, the lack of clear regulations and oversight poses risks for investors. The government is taking steps to regulate the cryptocurrency market and protect investors from fraud and scams. It is important for individuals to do thorough research and only engage with reputable exchanges and platforms.
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• Jan 12, 2022 · 3 years ago
  According to BYDFi, one of the leading cryptocurrency exchanges in Pakistan, the government is actively working on creating a regulatory framework for cryptocurrencies. They aim to strike a balance between enabling innovation and protecting investors. The regulations will likely focus on KYC (Know Your Customer) procedures, anti-money laundering measures, and consumer protection. It is expected that once the regulations are in place, more clarity and security will be provided to the cryptocurrency market in Pakistan.
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