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Countries That Regulate Cryptocurrency
Cryptocurrency regulations vary worldwide, with some countries having clear guidelines and others banning or restricting their use. Here are some countries with notable cryptocurrency regulations.
#USA The Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act aim to define when a cryptocurrency is a security or commodity, expand oversight, and clarify regulatory roles.
European Union: The Markets in Crypto-Assets Regulation (MiCA) is the first comprehensive cryptocurrency regulation in the EU, requiring licenses for cryptocurrency companies and implementing measures to prevent money laundering and terrorism financing.
#Japan Recognizes cryptocurrency as legal property and manages it alongside traditional currency, with the Financial Services Agency overseeing crypto and yen transactions.
South Korea: The Virtual Asset Users Protection Act strengthens user protections by adding requirements for record keeping and transparency.
#Brazil The Cryptoassets Act sets rules for virtual asset services, aiming to prevent scams and fraud, with the central bank supervising cryptocurrency activities.
#Pakistan in 2018, digital currencies were banned in Pakistan by the State Bank of Pakistan and the Federal Board of Revenue.
United Kingdom: Requires companies offering digital currencies to be authorized by the Financial Conduct Authority (FCA), with proposed regulations for stablecoins.
China: Has strict regulations, banning exchanges, trading, and crypto mining.
#India Removed its ban on cryptocurrency, with a pending bill to enable the creation of an official digital currency.
These countries are actively shaping the regulatory landscape for cryptocurrencies, addressing concerns around financial integrity, consumer protection, and innovation.
Cryptocurrency regulations vary worldwide, with some countries having clear guidelines and others banning or restricting their use. Here are some countries with notable cryptocurrency regulations.
#USA The Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act aim to define when a cryptocurrency is a security or commodity, expand oversight, and clarify regulatory roles.
European Union: The Markets in Crypto-Assets Regulation (MiCA) is the first comprehensive cryptocurrency regulation in the EU, requiring licenses for cryptocurrency companies and implementing measures to prevent money laundering and terrorism financing.
#Japan Recognizes cryptocurrency as legal property and manages it alongside traditional currency, with the Financial Services Agency overseeing crypto and yen transactions.
South Korea: The Virtual Asset Users Protection Act strengthens user protections by adding requirements for record keeping and transparency.
#Brazil The Cryptoassets Act sets rules for virtual asset services, aiming to prevent scams and fraud, with the central bank supervising cryptocurrency activities.
#Pakistan in 2018, digital currencies were banned in Pakistan by the State Bank of Pakistan and the Federal Board of Revenue.
United Kingdom: Requires companies offering digital currencies to be authorized by the Financial Conduct Authority (FCA), with proposed regulations for stablecoins.
China: Has strict regulations, banning exchanges, trading, and crypto mining.
#India Removed its ban on cryptocurrency, with a pending bill to enable the creation of an official digital currency.
These countries are actively shaping the regulatory landscape for cryptocurrencies, addressing concerns around financial integrity, consumer protection, and innovation.
#Pakistan banks agree on #Blockchain-based KYC system development.
#Binance #crypto2023 #buildtogether
#Binance #crypto2023 #buildtogether
Pakistan’s export of goods and services to China witnessed an increase of 37.68 percent during the first ten months of the current fiscal year (2023-24) as compared to the exports of the corresponding period of last year, the State Bank of Pakistan (SBP) said on Wednesday afternoon.
The overall exports to China were recorded at $2.341 billion during July-April (2023-24) against the exports of $1.700 billion during July-April (2022-23), SBP data revealed.
On a year-to-year basis, exports to China also surged by 13.56 percent from $175.542 million in April 2023 to $199.352 million in April 2024.
On a month-on-month basis, exports to China decreased by 18.97 percent during April 2024 as compared to the exports of $246.030 million in March 2024, the SBP data said.
Overall Pakistan’s exports to other countries witnessed an increase of 10.64 percent in the first ten months, from $23.199 billion to $25.669 billion, the SBP data added.
Imports from China into the country during the months under review were recorded at $10.648 billion against $8.343 billion last year, showing an increase of 27.61 percent in July-April (2023-24).
Overall imports into Pakistan witnessed a decrease of 5.27 percent, from $45.766 billion to $43.353 billion.
#Pakistan #Exports #China #Significant #Growth
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The overall exports to China were recorded at $2.341 billion during July-April (2023-24) against the exports of $1.700 billion during July-April (2022-23), SBP data revealed.
On a year-to-year basis, exports to China also surged by 13.56 percent from $175.542 million in April 2023 to $199.352 million in April 2024.
On a month-on-month basis, exports to China decreased by 18.97 percent during April 2024 as compared to the exports of $246.030 million in March 2024, the SBP data said.
Overall Pakistan’s exports to other countries witnessed an increase of 10.64 percent in the first ten months, from $23.199 billion to $25.669 billion, the SBP data added.
Imports from China into the country during the months under review were recorded at $10.648 billion against $8.343 billion last year, showing an increase of 27.61 percent in July-April (2023-24).
Overall imports into Pakistan witnessed a decrease of 5.27 percent, from $45.766 billion to $43.353 billion.
#Pakistan #Exports #China #Significant #Growth
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In Pakistan, if you have bitcoin then you will hold it till 2025 and our luck will shine.
#BTC #Pakistan #ETH #SHIBA_INU #InvestmentAdvisor
#BTC #Pakistan #ETH #SHIBA_INU #InvestmentAdvisor
Pakistan Plans to Ban Bitcoin Services to Curb Illicit Transactions
Pakistan Plans to Ban Bitcoin Services to Curb Illicit Transactions
In a recent development, the government of Pakistan has announced its intention to ban all internet-based bitcoin services and activities in the country. The move comes as authorities aim to crack down on illicit transactions involving digital assets. This decision, influenced by the country's obligations to meet the requirements set by the Financial Action Task Force (FATF), highlights the government's firm stance against legalizing unregulated digital currencies.
Headings:
Background: Pakistan's Stance on Bitcoin
Government's Decision to Ban Online Bitcoin Services
Compliance with FATF Requirements
Concerns over Illicit Transactions and Investments
Previous Efforts to Curb Bitcoin Trading and Mining
Current Measures to Address the Issue
Conclusion: Curbing Illicit Transactions while Encouraging Innovation
Background:
Pakistan's Stance on Bitcoin Pakistan has seen significant digital asset investments in recent years. However, the authorities in Islamabad have long expressed their resistance to the legalization of unregulated cryptocurrencies. The government's concerns primarily revolve around the potential for illicit activities and the need to establish regulatory control over the digital currency space.
Government's Decision to Ban Online Bitcoin Services :-
The Minister of State for Finance, Aisha Ghaus Pasha, confirmed during a session of the Senate Standing Committee on Finance and Revenue that the State Bank of Pakistan (SBP) and the Ministry of Information Technology are working towards prohibiting bitcoin in the country. Pasha emphasized that bitcoin would not be granted legal status due to Pakistan's obligations to meet the FATF requirements.
Compliance with FATF Requirements:-
Pakistan had been on the FATF's "grey list" since 2018 due to significant deficiencies related to strategic counter-terrorist financing. Aisha Ghaus Pasha highlighted that the condition set by the FATF for Pakistan's removal from the list was the non-legalization of bitcoin. Therefore, the government's decision aligns with its commitment to fulfill international anti-money laundering and counter-terrorism financing standards.
Concerns over Illicit Transactions and Investments:-
Acknowledging the substantial investments made by Pakistanis in bitcoin, the government aims to curb illicit transactions involving digital assets. The Federal Investigation Agency (FIA) and the Financial Monitoring Unit (FMU) are actively engaged in addressing this issue, reflecting the government's commitment to combatting financial crimes associated with cryptocurrencies.
Previous Efforts to Curb Bitcoin Trading and Mining:-
Pakistan experienced a surge in bitcoin trading and mining before the government implemented a ban in April 2018. However, despite these efforts, both trading and mining activities have persisted in the country. The new ban on online bitcoin services aims to strengthen regulatory measures and deter unauthorized transactions in the digital currency space.
Current Measures to Address the Issue With the government's decision to ban online bitcoin services, the authorities in Pakistan are taking concrete steps to enforce regulations and control the use of cryptocurrencies. The State Bank of Pakistan and the Ministry of Information Technology are leading this initiative, emphasizing the need to prevent illicit activities while protecting the interests of legitimate investors.
Conclusion:
Curbing Illicit Transactions while Encouraging Innovation Pakistan's decision to ban internet-based bitcoin services reflects the government's commitment to addressing the risks associated with unregulated cryptocurrencies. By complying with FATF requirements and intensifying efforts to curb illicit transactions, the authorities aim to establish a secure and transparent financial ecosystem. While this move may pose challenges for some investors, it also highlights the importance of adopting responsible and regulated practices within the digital asset landscape.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
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#BTC #Pakistan #feedfeverchallenge #Regulation #Binance
In a recent development, the government of Pakistan has announced its intention to ban all internet-based bitcoin services and activities in the country. The move comes as authorities aim to crack down on illicit transactions involving digital assets. This decision, influenced by the country's obligations to meet the requirements set by the Financial Action Task Force (FATF), highlights the government's firm stance against legalizing unregulated digital currencies.
Headings:
Background: Pakistan's Stance on Bitcoin
Government's Decision to Ban Online Bitcoin Services
Compliance with FATF Requirements
Concerns over Illicit Transactions and Investments
Previous Efforts to Curb Bitcoin Trading and Mining
Current Measures to Address the Issue
Conclusion: Curbing Illicit Transactions while Encouraging Innovation
Background:
Pakistan's Stance on Bitcoin Pakistan has seen significant digital asset investments in recent years. However, the authorities in Islamabad have long expressed their resistance to the legalization of unregulated cryptocurrencies. The government's concerns primarily revolve around the potential for illicit activities and the need to establish regulatory control over the digital currency space.
Government's Decision to Ban Online Bitcoin Services :-
The Minister of State for Finance, Aisha Ghaus Pasha, confirmed during a session of the Senate Standing Committee on Finance and Revenue that the State Bank of Pakistan (SBP) and the Ministry of Information Technology are working towards prohibiting bitcoin in the country. Pasha emphasized that bitcoin would not be granted legal status due to Pakistan's obligations to meet the FATF requirements.
Compliance with FATF Requirements:-
Pakistan had been on the FATF's "grey list" since 2018 due to significant deficiencies related to strategic counter-terrorist financing. Aisha Ghaus Pasha highlighted that the condition set by the FATF for Pakistan's removal from the list was the non-legalization of bitcoin. Therefore, the government's decision aligns with its commitment to fulfill international anti-money laundering and counter-terrorism financing standards.
Concerns over Illicit Transactions and Investments:-
Acknowledging the substantial investments made by Pakistanis in bitcoin, the government aims to curb illicit transactions involving digital assets. The Federal Investigation Agency (FIA) and the Financial Monitoring Unit (FMU) are actively engaged in addressing this issue, reflecting the government's commitment to combatting financial crimes associated with cryptocurrencies.
Previous Efforts to Curb Bitcoin Trading and Mining:-
Pakistan experienced a surge in bitcoin trading and mining before the government implemented a ban in April 2018. However, despite these efforts, both trading and mining activities have persisted in the country. The new ban on online bitcoin services aims to strengthen regulatory measures and deter unauthorized transactions in the digital currency space.
Current Measures to Address the Issue With the government's decision to ban online bitcoin services, the authorities in Pakistan are taking concrete steps to enforce regulations and control the use of cryptocurrencies. The State Bank of Pakistan and the Ministry of Information Technology are leading this initiative, emphasizing the need to prevent illicit activities while protecting the interests of legitimate investors.
Conclusion:
Curbing Illicit Transactions while Encouraging Innovation Pakistan's decision to ban internet-based bitcoin services reflects the government's commitment to addressing the risks associated with unregulated cryptocurrencies. By complying with FATF requirements and intensifying efforts to curb illicit transactions, the authorities aim to establish a secure and transparent financial ecosystem. While this move may pose challenges for some investors, it also highlights the importance of adopting responsible and regulated practices within the digital asset landscape.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE ❤️
Share ⏩
Follow 🤝
#BTC #Pakistan #feedfeverchallenge #Regulation #Binance
JUST IN: 🇵🇰 #Pakistan to ban #crypto and says the country will never legalize it.
#Binance #crypto2023 #keepbuilding #BNB
#Binance #crypto2023 #keepbuilding #BNB
#kse100 #Pakistan #BTCETFSPOT #traders:
*8 jan - 12 jan*
As shared with u last week with chart that index above *63300* will touch *64400* & *67000+* where as after achieving *64400* index see some volatility and sustain *64400 - 63800* & closed at *64515*
Now for upcoming sessions index on lower side sustain *64400 - 63800* levels then index will continue its rally
where as Initial resistance is at *65100/200* break and sustain this level then we will see the given targets of *66000 67000+*
where as on closing below *63800* we will see some pressure selling
*STOCK TO BE WATCHOUT ON DIPS*
ASL ASTL NBP SNBL CEPB KEL SHEL SEARL
*8 jan - 12 jan*
As shared with u last week with chart that index above *63300* will touch *64400* & *67000+* where as after achieving *64400* index see some volatility and sustain *64400 - 63800* & closed at *64515*
Now for upcoming sessions index on lower side sustain *64400 - 63800* levels then index will continue its rally
where as Initial resistance is at *65100/200* break and sustain this level then we will see the given targets of *66000 67000+*
where as on closing below *63800* we will see some pressure selling
*STOCK TO BE WATCHOUT ON DIPS*
ASL ASTL NBP SNBL CEPB KEL SHEL SEARL
Guys, 🫡
Top 10 countries with maximum crypto holders.
1. India 🇮🇳
2. United States 🇺🇲
3. China 🇨🇳
4. Russia 🇷🇺
5. Nigeria 🇳🇬
6. Ukraine 🇺🇦
7. Kenya 🇰🇪
8. Pakistan 🇵🇰
9. Veitnam 🇻🇳
10. Indonesia 🇮🇩
So, what's your country ?
Mine is Pakistan. 🇵🇰
#Write2Earn #TrendingTopic #Pakistan #India #UnitedStates
$BTC $ETH $BNB
Top 10 countries with maximum crypto holders.
1. India 🇮🇳
2. United States 🇺🇲
3. China 🇨🇳
4. Russia 🇷🇺
5. Nigeria 🇳🇬
6. Ukraine 🇺🇦
7. Kenya 🇰🇪
8. Pakistan 🇵🇰
9. Veitnam 🇻🇳
10. Indonesia 🇮🇩
So, what's your country ?
Mine is Pakistan. 🇵🇰
#Write2Earn #TrendingTopic #Pakistan #India #UnitedStates
$BTC $ETH $BNB