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The Ministry of Finance of Pakistan discussed with industry participants the possibilities of regulating digital assets and the introduction of a tax on cryptocurrencies.
The meeting with the Ministry of Finance of Pakistan was attended by the Director General of the Bahraini trading platform Rain Zeeshan Ahmed (Zeeshan Ahmed). In 2019, this exchange became the first platform in the Middle East to receive a regulator’s license. Ahmed believes that the development of digital assets in Pakistan is hampered by the insufficient level of knowledge of the population about the cryptocurrency market and the lack of clear regulatory rules for its regulation. He proposed that the government introduce a capital gains tax for cryptocurrency traders. According to Ahmed’s calculations, this will add about $ 90 million to the state treasury, he cited the example of India, which raised the tax on cryptocurrency trading to 30%.
“The West recognizes that crypto assets are still traded in gray areas, just as they are traded in Pakistan. Europe and the Gulf countries are discussing and implementing bills on the taxation of crypto assets, so Pakistan should also address this issue, “said the head of Rain.
Pakistan’s Ministry of Finance agreed that the local population remains vulnerable to cryptocurrency fraud, and investors cannot count on legal protection in case of loss of their funds. The agency expressed its readiness to interact with Rain specialists in the development of industry regulation. Head of public relations at Rain Aatiqa Lateef (Aatiqa Lateef) noted that no country can stay away from digital trends and the latest developments, and cryptocurrencies play an important role in any modern economy.
Earlier, the Central Bank of Pakistan expressed an unfriendly position towards cryptocurrencies, proposing to completely ban them. The regulator believes that crypto assets carry more risks than benefits.
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