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Pakistan Government Not Against Crypto Investments, High Court Calls for Regulations – Regulation Bitcoin News

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Pakistan Government Not Against Crypto Investments, High Court Calls for Regulations


The executive power will not oppose cryptocurrency investments, a high-ranking government official has told lawmakers in Pakistan. The statement comes as a regional high court has urged the federal government to regulate cryptocurrencies and formed a committee to look into the matter in the coming months.

Minister Says Pakistan Government Has No Objection to Investments in Crypto

Addressing members of the National Assembly this week, Pakistan’s Minister of State for Parliamentary Affairs, Ali Muhammad Khan, recognized cryptocurrency as a new concept. He then noted that the government did not have any objection if the Pakistani youth would take the opportunity to invest through this new technology.

Khan made the comments on Wednesday in response to a calling attention notice in the lower house of parliament regarding the absence of a regulatory framework for cryptocurrencies in the country, the Daily Times reported. The minister explained that the government did not oppose their regulation but pointed out that the State Bank of Pakistan (SBP) had some reservations that needed to be addressed.

Pakistan Government Not Against Crypto Investments, High Court Calls for Regulations

The government official revealed that the monetary authority is currently reviewing the matter which should be referred to the Finance Committee. “The SBP was saying we should move forward in this regard very carefully,” Ali Khan added.

The change in course comes three years after the State Bank of Pakistan introduced a cryptocurrency ban. In a circular released in the spring of 2018, the SBP stated that virtual currencies like bitcoin, pakcoin, onecoin and tokens from initial coin offerings are not legal tender and prohibited all dealings with them including holding, transferring, and trading.

At the time, the bank further emphasized that no entity or individual was authorized to issue, buy, sell, or exchange the digital coins. But in April of this year, the head of the SBP, Reza Baqir, said that the regulator was studying cryptocurrencies and their potential for bringing transactions taking place off the books into a regulatory framework.

Regional High Court Orders Government to Report on Crypto Regulations

Again on Wednesday, the Sindh High Court, the highest judicial authority in the southeastern Pakistani province, urged the government in Islamabad to adopt cryptocurrency regulations. It also formed a committee headed by the federal finance secretary and tasked it with producing a report on the matter within the next three months.

During a hearing of a petition challenging the crypto ban, the court insisted steps should be taken to regulate cryptocurrencies in consultation with all stakeholders, including the Security and Exchange Commission of Pakistan (SECP), the SBP, the Ministry of Law and Justice, and the Ministry of Information Technology and Telecommunication. According to a report by the Express Tribune, the proceedings were attended by members of the Federal Investigation Agency (FIA), SBP, and the petitioners.

Pakistan Government Not Against Crypto Investments, High Court Calls for Regulations

The publication also informed of another crypto-related case that had been heard at the Lahore High Court with the participation of legal representatives of several interested parties such as the SECP, SBP, FIA, and the federal government. The English-language daily revealed that the court sought assistance from the institutions on the subject, asking them to present relevant legal positions.

As the popularity of cryptocurrencies increases globally, many Pakistanis have turned their attention to these assets as well. The newspaper points to the large number of social media groups explaining how to buy, trade, and mine crypto as Youtube videos in Urdu devoted to bitcoin have hundreds of thousands of views. More and more traders from Pakistan are using online cryptocurrency exchanges and crypto applications often have more downloads than the apps of the country’s largest banks.

Do you expect Pakistan to adopt crypto-friendly regulations in the near future? Tell us what you think in the comments section below.

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Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation – Regulation Bitcoin News

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Brian Armstrong Says the More Crypto Regulation, the Better for Coinbase — CEO Discusses Alleged SEC Investigation


Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” He revealed an inquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We do not yet know if this inquiry will become a formal investigation.”

Coinbase’s CEO on Crypto Regulation

The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, discussed his company’s performance and cryptocurrency regulation during Coinbase’s Q2 earnings call Tuesday.

Coinbase’s revenue declined almost 64% in the second quarter. The company reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year. “Q2 was a test of durability for crypto companies and a complex quarter overall,” Coinbase said in its latest letter to shareholders.

Regarding cryptocurrency regulation, Armstrong detailed: “We’ve been pleased to see the progress recently both in the U.S. and in countries around the world toward more clear legislation for crypto. In the U.S., there are several bills making their way through Congress with strong bipartisan support.”

He also mentioned President Joe Biden’s executive order on crypto, the EU’s Markets in Crypto-Assets (MiCA) regulation, and “positive developments” in Australia, the U.K., Hong Kong, Brazil, and other markets.

Armstrong opined:

It’s sort of strange to say, but … in some ways, the more regulation there is for crypto, the better it is for Coinbase.

“We’re more than happy to engage with any regulators around the world who will take time to meet with us. We don’t see this as a bad thing. On the contrary, we believe it’s the best way to help the industry move forward,” he noted.

Armstrong on SEC’s Alleged Investigation of Coinbase

Addressing recent headlines that the U.S. Securities and Exchange Commission (SEC) may be investigating Coinbase over its cryptocurrency listings, Armstrong revealed that in May the SEC sent Coinbase a “voluntary request for information,” including details of its asset listings process. He emphasized:

We do not yet know if this inquiry will become a formal investigation.

Last month, the SEC charged a former Coinbase product manager in an insider trading case and stated that nine crypto tokens listed on Coinbase are securities. The Nasdaq-listed company has disputed any allegations that it lists crypto securities.

What do you think about the comments by Coinbase CEO Brian Armstrong? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed – Regulation Bitcoin News

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Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed – Regulation Bitcoin News


Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently revealed. In addition, some 51,000 social media posts with content relating to the marketing or promotion of investments in virtual currencies were removed.

105 Websites Shut Down

A Chinese regulator, the Cyberspace Administration of China (CAC) reportedly said 12,000 “illegal user accounts” on Weibo and Baidu that promoted virtual currency investment have been closed. A further 989 Weibo, Tieba, and Wechat public accounts that encouraged internet users to invest in virtual currencies including bitcoin, were also closed as per the law.

At the same time, 51,000 social media posts whose content promoted investments in virtual currencies were removed. In addition, the CAC is also reported to have “shut down 105 website platforms such as ‘Bi Toutiao’ which specifically advocates for virtual currency marketing and publishes tutorials explaining cross-border currency speculation and virtual currency mining.”

According to a report on a Chinese-language website, the CAC and other agencies’ crackdown on virtual currency investing activities is in line with the decisions of the Communist Party.

More Businesses Targeted

The report also revealed that a local network information department has since been tasked with probing 500 business entities that are “involved in the promotion and speculation of virtual currency.” The department has similarly been asked to remove content relating to virtual currency speculation.

In a warning to Chinese internet users, the CAC said they first need to establish the right investment concept as well as avoid participating in speculative trading. Internet users also need to “guard against personal property damage.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets – Regulation Bitcoin News

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Thailand to Tighten Crypto Oversight, Give More Powers to Central Bank


Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services,” said the Thai finance minister.

Thai Central Bank Will Help Regulate Crypto Industry

Thailand is reportedly planning to amend its law on digital assets to tighten the oversight of the crypto sector, particularly trading platforms.

Thai Finance Minister Arkhom Termpittayapaisith explained that the planned amendments to the country’s crypto regulations will “bring the central bank to be part of it,” Bloomberg reported Tuesday. He added that the Thai Securities and Exchange Commission (SEC) has been asked to lead the regulatory overhaul. Under the current rules passed in 2018, the securities watchdog has the sole mandate to supervise the crypto industry.

The decision to overhaul crypto regulations followed the halting of withdrawals by Zipmex (Thailand) Ltd., a licensed cryptocurrency and digital token exchange in the country. Zipmex recently allowed some coins to be withdrawn but the company filed for a moratorium in Singapore.

Noting that the current regulatory framework for digital assets “is not clear enough to regulate the industry,” Termpittayapaisith was quoted as saying Monday:

Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services.

However, the official stressed that the aim of tighter crypto regulations is to provide investors with greater protection, not to throttle innovation or technology.

The Thai finance minister proceeded to compare crypto exchanges to traditional finance platforms. “For the stock exchange, you have the paper to prove you are the owners. In the digital world, you have nothing except for the consent that you put at the bottom, which people never read,” he detailed, elaborating:

We are trying to protect investors as well as keeping the players in the industry in the fair terms.

SEC Secretary-General Ruenvadee Suwanmongkol revealed plans to overhaul current crypto regulations in July. She explained that the proposals included stricter qualifications for management and licensing of crypto custodians.

“The extreme volatility of digital-asset prices has spurred the urgent need for improved supervision,” she noted at the time. “Our main focus will be to provide more protection for small investors, some of whom are putting most of their savings into these assets.”

Tags in this story
bank of thailand, thai, thai central bank, thai crypto regulation, thai cryptocurrency regulation, thai digital assets, thai sec, thai securities and exchange commission, thailand, thailand crypto, thailand cryptocurrency, Zipmex

What do you think about Thailand empowering the central bank to oversee the crypto sector? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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