Crypto Council key to Pakistan digital future says FM Aurangzeb

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The PCC is a self-regulatory body that aims to promote and regulate the cryptocurrency market in Pakistan.

  • Increased investor confidence: By providing a clear and transparent regulatory framework, the PCC can help to increase investor confidence in the industry.
  • Protection of investors: The PCC’s regulatory framework can help to protect investors from fraudulent activities and ensure that they receive their investments back.
  • Economic growth: Regulating the cryptocurrency market can also contribute to economic growth by attracting foreign investment and promoting trade.The Challenges of Regulation

    • However, regulating the cryptocurrency market in Pakistan also poses several challenges.

    Key Objectives of the Pakistan Cryptocurrency and Digital Assets Regulatory Framework

    The Pakistan Cryptocurrency and Digital Assets Regulatory Framework aims to create a favorable environment for the development and adoption of blockchain and cryptocurrency technologies in Pakistan. The framework is designed to address the concerns of the government, financial institutions, and the general public regarding the use of cryptocurrencies.

  • *Definition of Cryptocurrencies*: The framework defines cryptocurrencies as digital assets that use cryptography for secure financial transactions.
  • *Types of Cryptocurrencies*: The framework recognizes various types of cryptocurrencies, including Bitcoin, Ethereum, and others.
  • *Regulatory Framework*: The framework outlines the regulatory requirements for the use of cryptocurrencies, including licensing, registration, and anti-money laundering (AML) and know-your-customer (KYC) requirements.Promoting Innovation

    • The Pakistan Cryptocurrency and Digital Assets Regulatory Framework aims to promote innovation in the blockchain and cryptocurrency space.

    The council will be responsible for implementing the new tax reform, which aims to reduce the tax burden on the middle class and increase revenue for the government. The Council on Tax Reform is a new initiative launched by the government to address the growing concerns of the middle class regarding the current tax system.

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