Thursday, May 19, 2022

Pakistan’s First Legal Crypto Exchange-RAIN | Future of Cryptocurrency in Pakistan 2022

An International Bahrain’s licensed cryptocurrency exchange network, RAIN has Approached the Ministry of Science ,Pakistan to Launch Pakistan’s First Legal Crypto Exchange in Legal Way.

RAIN Approached Federal Minister for Science and Technology MOST, Through Official Letter to Propose a regulatory authority and cross-ministerial committee for a regulatory framework to Regulate Cryptocurrency in Pakistan.

RAIN, Cryptocurrency Platform Wanted to Collaborate With Pakistani Government For Regulating Cryptocurrencies in Pakistan For Mutual Economic Goals and Monetary Purposes that Will Affect Pakistan GDP A Lot.

RAIN Approach MOST To Start Consulting on Cryptocurrency:-

RAIN Also Requested the MOST Minister, Shibli Faraz, in a Letter to Start a a consultation process with all stakeholders to devise a regulatory Cryptocurrency framework.

Aatiqa Latif, RAIN Policy Head, expressed her Company’s Wish to Start a First Pakistani regulated Bitcoin exchange Under the Rule and Regulations of Pakistan Law.

Copies of RAIN’ Letter to Ministry of Science and Technology are Forwareded to Federal Minister for Finance, Shakut Tareen, Chairman FBR, Dr Muhammad Ashfaq, Chairman SECP, Aamir Khan, Federal Secretary IT and Telecommunication, Sohail Rajput, Governor State Bank, Raza Bakir, and Chairman Special Technology Zones Authority, Aamir Hashmi.

Future of Cryptocurrency in Pakistan 2022:-

Rain policy Head Aatiqa Latif Stated that Pakistan has Huge Potential For cryptocurrencies, but Pakistani Government is unable to Find out irregular operators that remain unchecked which Causes Money Laundering Issues etc.

She Further Added that Without a Proper Framework , Losses to Public and Fraud by Irregular Crypto Operators can not be Stopped.

RAIN Appreciated the Effort of Pakistani Government and MOST Ministry For Building and Promoting Different Technologies in Public. Federal Mistry of Science and Technology has also Developed Roadmap For Adopting Emerging Technologies to enhance capacity and socio-economic development.

In their Letter, RAIN Proposed that they ( regulatory authority) Have Experience to Monitor the Markets such as capital markets, emerging financial markets, etc.

The RAIN a licensed cryptocurrency brokerage in the Middle East, Turkey, and North Africa, also have involvement of other entities, including taxation, consumer protection, company registration, and enforcement measures.

What is Need of Creating cross-ministerial committee?

The Cross-ministerial committee is Build to Promote Collaboration with Pakistani Government For Monitoring common objectives and balance driving economic development.

The cross-ministerial committee Will Also Protect the Customers Capital and to Enforce Anti Fraud Policies against Money Laundering and Other Illegal Activities.

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