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Bitcoin's legal status in Pakistan has been turbulent, and local institutions - including banks, exchanges, and payment service providers - are currently banned from supporting the cryptocurrency. The State Bank of Pakistan announced this decision in and advised that it would be flagging any cryptocurrency-related transactions as suspicious and reporting them to the Financial Monitoring Unit. The Securities and Exchange Commission of Pakistan SECP released a paper in November outlining the need for a new approach to digital asset regulation in the country.
Praising the "astounding benefits" of distributed-ledger technology DLT , the SECP examined regulatory frameworks in other countries and called for a new approach in Pakistan. The need to develop a policy and regulatory response to Digital Assets in Pakistan is driven by the following:. The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use.
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