ISLAMABAD: Pakistan has introduced its first-ever policy framework to regulate virtual assets and service providers, aligning with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF), the country’s top investigation agency said on Thursday.
The new policy, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, is meant to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan.
The move follows the establishment of the Pakistan Crypto Council last month to create a legal framework to create a legal framework for cryptocurrency trading in a bid to lure international investment.
Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
“Pakistan has formulated its first-ever comprehensive policy framework for the regulation of Virtual Assets and Virtual Asset Service Providers,” the Federal Investigation Agency (FIA) said in a statement.
The policy will be scrutinized by stakeholders and legislative proceedings before being implemented in phases from next year.
The policy aims to curb money laundering, terrorism financing, financial instability and the potentials of blockchain-based finance and also provide space for innovation and develop institutional expertise.
“This is a paradigm shift in how Pakistan views digital finance,” FIA Director Sumera Azam was quoted in the statement as saying. “The policy proposal seeks to strike a historic balance between technological advancement and national security imperatives.”
She added that the framework aligned with FATF Recommendation 15 on compliance and financial integrity.
FATF Recommendation 15, titled “New Technologies,” ensures that AML and CFT frameworks are adaptable to emerging financial technologies, including virtual assets and virtual asset service providers.
Pakistan unveils first-ever policy to regulate digital assets in line with FATF guidelines
https://arab.news/9uvkw
Pakistan unveils first-ever policy to regulate digital assets in line with FATF guidelines
- New policy will set rules for the operation of digital currencies and related companies in Pakistan
- Pakistan Crypto Council was established in March to create legal framework for digital currencies
Pakistan to take on India in Super Six fixture of Men’s U19 World Cup — PCB
- Pakistan need to defeat India by a healthy margin to secure a spot in semifinals
- England sit at the top of the table with six points in the mega cricket tournament
ISLAMABAD: Pakistan are all geared up to take on India in their final Super Six fixture of the ICC Under-19 (U19) Men’s Cricket World Cup, the Pakistan Cricket Board (PCB) said late Friday.
Pakistan will face arch-rivals India at the Queens Sports Club in Bulawayo on Sunday, February 1, with the first ball scheduled to be bowled at 9.30am local time.
The last time two sides met was during the ACC Men’s U19 Asia Cup final, where Pakistan defeated India by 191 runs to clinch the title at the ICC Academy Ground in Dubai. Sameer Minhas scored 172 runs while right-arm pacer Ali Raza bagged four wickets.
Pakistan, who currently have four points and are placed third in Group 2 of the Super Six stage, need to defeat India by a healthy margin to secure a spot in the semifinals. England sit at the top of the table with six points and are currently playing New Zealand at the Queens Sports Club in Bulawayo.
“Our next match is against India, which is very important as there is a semifinal at stake. We have clear plans for every match and we put in a lot of hard work accordingly,” said Usman Khan, who has scored 122 runs from four matches in the ongoing mega event.
“We will try to perform well in the next game to qualify for the next stage.”
After arriving in Bulawayo from Harare on Wednesday afternoon, Pakistan took a day off before participating in a scenario-based practice game at the Bulawayo Athletic Club on Friday. Pakistan will also take part in a training session at the same venue today (Saturday).
“Before the tournament, we held several camps in Multan where a strong focus was placed on fielding. We had productive sessions there and as a result the team has improved a lot in this department,” Khan said.
“Our preparations have been very good. The scenario-based match was of high quality and it closely reflected actual match conditions.”
PAKISTAN SQUAD
Farhan Yousaf (captain), Usman Khan (vice-captain), Abdul Subhan, Ahmed Hussain, Ali Hasan Baloch, Ali Raza, Daniyal Ali Khan, Hamza Zahoor (wk), Huzaifa Ahsan, Momin Qamar, Mohammad Sayyam, Niqab Shafiq, Sameer Minhas and Umar Zaib
