Many Pakistanis are doing this in other ways because of the lack of legal status for Crypto currency transactions in Pakistan, which increases the risk of fraud with them.
The biggest obstacle to adoption of Crypto currency in Pakistan is lack of information among the people. Regulators and stakeholders need initial training in this regard.
These views were expressed by the General Manager and other officials of RAIN, a platform providing reliable cryptocurrency services in the Middle East, Turkey, Pakistan and Africa, in a meeting with Finance Ministry officials.
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Rain’s general manager Zeeshan Ahmed said that if capital gains tax was imposed on corrupt assets, it could raise about 90 90 million in taxes.
The first licensed company of crypto assets has proposed to the government that legislation be enacted regarding the transaction of corrupt assets and the imposition of tax on them.
Zeeshan Ahmed said in this regard that the West has recognized that trading of crypto assets should continue in the gray areas as is being done in Pakistan.
He said that Europe has complied with it and the Gulf owners have also acknowledged its usefulness, adding that Pakistan should also legalize crypto assets and impose taxes on them.
At the meeting, RAIN officials highlighted the importance of cryptocurrency, saying that it is a new field, which does not require much technical knowledge and supervision.
It was also brought to the notice of the Ministry of Finance that more than 8,000 cryptocurrencies are transacted through the Dark Web and most of them are counterfeiters which do not provide any protection to investors.
RAIN’s Director for Public Policy Atika Latif while briefing the media said that corrupt assets are very important in modern economy and no country or individual in the world can stay away from this digital trend of the future.
He said the world’s largest companies, including Starbucks and Emirates Airlines, have begun accepting corrupt currencies for payments. India, on the other hand, has imposed a 31% tax on income from corrupt assets.
It should be noted that the Securities and Exchange Commission of Pakistan and the Central Bank have refused to adopt the crypto due to the International Monetary Fund IMF and the Financial Action Task Force (FATF).