DIGITAL WORLD : Pakistan Government Decides to Regulate Digital As...

DIGITAL WORLD : Pakistan Government Decides to Regulate Digital As...: The Securities and Exchange Commission of Pakistan (SECP) has decided to issue a regulatory framework for regulation and monitoring of the d...

Pakistan Government Decides to Regulate Digital Assets, Virtual Assets and Cryptocurrencies

The Securities and Exchange Commission of Pakistan (SECP) has decided to issue a regulatory framework for regulation and monitoring of the digital and virtual assets, including Crypto Assets, to control the misuse of virtual currencies in Pakistan having a global market value of over EUR 7 billion worldwide.

In this regard, the SECP has drafted a document on the regulation of Digital Asset Trading Platforms in Pakistan

This is for the first time that any of the regulatory bodies have taken the initiative to regulate the digital/virtual assets in Pakistan.

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Although there is still no consensus over the definition of Digital Assets, the shared commonalities between all of them are:

• Digital/Cryptocurrencies; digital tokens/assets; Utility Tokens
• Security Tokens – either backed by real assets or cryptographic Distributed Ledger Technology.

The SECP’s objective with the regulatory framework is to support financial inclusion efforts and the advancement of technological innovation in a responsible and balanced manner; ensure the safety and efficiency of the capital market and its institutions; ensure consumer and investor protection; minimize opportunities for regulatory arbitrage; combat the circumvention of exchange control rules and regulations; illicit financial flows, money laundering and the financing of terrorism.

According to the SECP, digital assets, also known as Virtual Assets, and Crypto Assets are the start of a new era of Digital Finance and demand innovative regulatory measures and approaches by the regulators across the world. This can only be possible by the initiation of a new era that re-invents regulatory regime/measures as they are known to the regulators globally today.

The SECP stated that there is a need to develop a policy and regulatory response to Digital Assets in Pakistan, driven by the following:

• Digital assets are a form of innovation that may impact the financial sector of the country
• Digital assets do not fit within the current regulatory framework
• Digital assets may create conditions for regulatory arbitrage while posing risks;
• Increasing interest, investment and participation in Digital Assets.

The SECP has also talked about the approaches available to regulate digital assets. Its market value has been reported to exceed EUR 7 billion worldwide, SECP said.

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