Pakistan Moving to Regulate Crypto Currencies
(Edited)
Evening
Encouraging news are coming from Pakistani Camp as the Securities and Exchange Commission of Pakistan (SECP), country's financial regulator, is working towards framework for regulating cryptocurrencies.
The SECP has published a position paper on 6 November regarding establishing digital assets in Pakistan, developing regulatory frameworks to protect investor interests and regulatory approach adopted by various jurisdictions. The paper reads:
SECP intends to study and evaluate the effects of the distributed ledger, digital assets and other innovative technologies and encourages market participants to get engaged with the regulator. While ensuring that investors and markets are protected, SECP aims to encourage innovative and beneficial ways to raise capital.
With 62 percent of the nation younger than 30, Pakistan is world's 4th largest freelance. Imagine the economic potential, the legalized crypto finance could unfold for the third world nation. Although the county is still far away from legalizing virtual currencies, but still it is uplifting to see the authorities open-minded about the innovative decentralized finance and distributed ledger technologies.
Till the doors of decentralized financial world get officially open to us, we Pakistanis stand finger crossed.
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