Islamabad: (RightNow) In Pakistan, 40 million crypto accounts have been opened without any regulation. Chairman of the Pakistan Virtual Assets Regulatory Authority, Bilal Bin Saqib, revealed this during a briefing to the Senate committee.

Bilal Bin Saqib stated that bonds are being issued globally through blockchain, and Pakistan is also reviewing international experiences with cryptocurrency. He further mentioned that these accounts have been opened without any regulatory framework.

The State Bank had imposed a ban on digital assets for the past 8 years, but the ban has now been lifted, and NOCs (No Objection Certificates) are being issued. Virtual asset operators in Pakistan have until September 5 to apply for an NOC or relevant license.

Senator Sadia Abbasi questioned why crypto users are not included in the tax net. Bilal Bin Saqib explained that a policy is being considered to bring crypto into the tax net.

It is noteworthy that there are various opinions globally regarding cryptocurrency. In Pakistan, there is also an emphasis on creating regulations to ensure the national economy is not adversely affected.