Latest news with #VirtualAssets
Arab News
09-07-2025
- Business
- Arab News
Pakistan enacts landmark law to regulate virtual assets, plans pilot for digital currency
KARACHI: Pakistan has formally enacted its first law to regulate virtual assets, establishing a federal authority to license and oversee crypto-related businesses, the finance ministry said on Wednesday, as the country joins a growing list of nations adopting formal oversight of blockchain-based finance. The Virtual Assets Act, 2025 creates the Pakistan Virtual Asset Regulatory Authority (PVARA), a new autonomous regulator to supervise the virtual asset economy, ensure compliance with global anti-money laundering standards and support financial innovation through regulatory sandboxes. Pakistan's move aligns with similar frameworks adopted by global peers such as the United Arab Emirates, Singapore, India, and the European Union, where regulators have introduced crypto-specific licensing, centralized oversight authorities, and pilot programs for central bank digital currencies (CBDCs). The State Bank of Pakistan has also separately announced it is preparing to launch a pilot for a digital rupee, marking a broader shift toward digital modernization of Pakistan's financial system. 'The Authority has been granted comprehensive powers to ensure transparency, compliance, financial integrity, and the prevention of illicit activities, in alignment with international standards including those of the Financial Action Task Force (FATF),' the finance ministry said, describing the powers of the new regulator set up under the Virtual Assets Act. Separately, speaking at the Reuters NEXT Asia summit in Singapore on Wednesday, Governor State Bank Jameel Ahmad said the new law would 'lay down the foundations for the licensing and regulation' of the virtual assets sector and that the central bank was already in touch with some tech partners. He said a legal framework for virtual assets was necessary to 'evaluate and manage the risk very carefully, and at the same time not allow to let go the opportunity.' In May, the State Bank clarified that virtual assets were not illegal but advised financial institutions not to engage with them until a formal licensing framework was in place. NEW POWERS The new regulator will introduce a structured licensing regime for all firms offering services related to cryptocurrencies, digital tokens and blockchain-based assets in or from Pakistan. These entities must meet operational and compliance standards and will be subject to ongoing reporting obligations. The law gives PVARA powers to combat illicit finance and enforce transparency in line with the FATF framework, a key benchmark for Pakistan, which was removed from the FATF grey list in 2022 after significant reforms. The regulator's governing board will include top officials from Pakistan's economic and regulatory institutions: the governor of the State Bank of Pakistan, secretaries of finance, law, IT and telecom, as well as the chairpersons of the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and the Digital Pakistan Authority. Two independent directors with expertise in law, technology, or finance will also be appointed by the federal government. The chairperson of the Authority, who will lead PVARA's operations, is to be selected based on 'demonstrated experience in finance, law, technology, or regulatory affairs,' according to the statement. In a nod to Pakistan's Islamic financial system, the law mandates the creation of a Shariah Advisory Committee to advise PVARA on the religious permissibility of virtual asset products and services. Any licensed firm offering Shariah-compliant services must adhere to this committee's rulings. To handle disputes, the law also establishes a Virtual Assets Appellate Tribunal, which will operate independently and include experts in law, finance, and technology to hear appeals against regulatory decisions. The legislation provides space for responsible innovation by allowing startups and developers to test blockchain-based products within a regulatory sandbox, a controlled environment supervised by PVARA. The authority may also issue no-action letters, temporarily exempting experimental projects from certain rules under defined conditions. DIGITAL RUPEE The enactment of the new law builds on recent crypto-focused developments in Pakistan. In March 2025, the government-backed Pakistan Crypto Council (PCC) was launched to support blockchain and virtual asset adoption. It has already initiated conversations with global crypto firms and plans to explore bitcoin mining using surplus energy. It has also appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve. It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial. Meanwhile, the State Bank of Pakistan is preparing a pilot project for a digital rupee, Governor Ahmad said while speaking at the Reuters NEXT Asia summit. Pakistan was 'building up our capacity on the central bank digital currency' and hoped to roll out a pilot soon, Ahmad said. With inputs from Reuters
Khaleej Times
01-07-2025
- Business
- Khaleej Times
Bitcoin could hit $200,000 this year as market set for significant growth
The crypto market is poised for significant growth in 2025, and Bitcoin, the largest cryptocurrency, could hit $200,000 this year, a senior official said. 'The successful clearance of the GENIUS Act by the US Senate will pave the way for strong policy guidelines in the world's strongest economy. The Genius Act will not only make digital assets mainstream in the US, but it will also create a regulatory template for other countries as well. The crypto market will witness significant growth in the second half of 2025. Bitcoin touching $200,000 by the end of 2025 won't be surprising,' Gracy Chen, CEO at Bitget, a leading cryptocurrency exchange, told Khaleej Times. Bitget is actively pursuing licences in more than 15 jurisdictions worldwide, including with the Virtual Assets Regulatory Authority (Vara) in Dubai in UAE and FIU registration in India. 'As the global regulation of digital assets is advancing at a rapid rate, we actively seek out the most optimal jurisdictions with regulatory clarity for licenses and registrations to future-proof our global operations and to ensure regulatory compliance. This pursuit has helped us gain licenses and approvals in various jurisdictions in recent years, including in El Salvador, Poland, Italy, Bulgaria, Georgia, Argentina, and Australia,' Chen said. 'Opening doors in Dubai reflects more than just office expansion, it's aimed at embedding Bitget into the region, and to do that we need people that understand the market inside and out. The localised team will play a key role in adapting products and services for regional users, engaging with regulators, and strengthening institutional and retail adoption in one of crypto's fastest-growing markets,' she added. The Middle-East is emerging as a global hub for web3 innovation. The business friendly policies and supportive administration is enabling fast-paced innovation in the Web3 space. Bitget and many other global web3 firms have chosen Dubai as their global gateway. 'A strong base in Dubai means having a global capability center to expand the business in the other parts of the world. UAE is at the forefront of technological innovation with rapid adoption of emerging technologies. Crypto friendly regulatory bodies regulatory bodies like Vara and ADGM are closely working with relevant stakeholders of the industry to create a growth oriented policy framework,' Chen said. 'Global family offices based out of Dubai and actively looking at digital assets as an investment class and we have witnessed a strong demand from institutional and retail investors,' she added. Bitget is preparing to scale operations in the Middle East following its expected Vara license approval. Its Dubai regional headquarters is already staffed with 60 employees, with plans to double headcount. Key priorities include institutional onboarding, Arabic language and Mena fiat support, zero-fee P2P trading, and localized altcoin products. 'The UAE is a hotbed for crypto projects and top CEXs like ours would like to pursue markets that support the cryptospace's growth. We continue to hire new team members in Dubai to expand our business and provide employment to the local community,' Chen said. Bitget has recently announced a partnership with Unicef to advance digital skills and blockchain literacy among young people globally. Through this partnership, Bitget joins Unicef's Game Changers Coalition (GCC), led by the Office of Innovation. 'Our support will help reach 300,000 individuals across eight countries: Armenia, Brazil, Cambodia, India, Kazakhstan, Malaysia, Morocco, and South Africa. This is incredibly meaningful to me and closely aligned with our Blockchain4Her initiative, which I co-founded at Bitget to empower women in blockchain and drive greater inclusivity in the space,' Chen said. According to research, every year, adolescent girls and young women in low- and middle-income countries miss out on an estimated $15 billion in economic opportunities due to disparities in internet access and digital skills compared to their male peers. 'By introducing blockchain education early, we hope to provide young girls with a launchpad to explore new opportunities, strengthen their digital confidence, and unlock their full potential in the tech-driven future,' Chen said.
The Star
27-06-2025
- Business
- The Star
Bolivia crypto transactions up over 530% amid currency woes
A waiter collects a diner's bill in cryptocurrency, as Bolivians are increasingly turning to cryptocurrencies and exchange platforms like Binance as a shortage of dollars and high inflation force savers to look for alternatives, in Cochabamba, Bolivia June 12, 2025. REUTERS/Claudia Morales (Reuters) -Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by governmentintervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households." (Reporting by Lucinda Elliott in Montevideo and Daniel Ramos in La Paz. Editing by Diane Craft)
Khaleej Times
10-06-2025
- Business
- Khaleej Times
ADGM FSRA implements amendments to its digital asset regulatory framework
The Financial Services Authority (FSRA) of Abu Dhabi Global Market (ADGM) today announced the implementation of amendments to its regulatory framework for digital assets, with immediate effect. The implementation of these amendments follows extensive industry engagement and feedback received on Consultation Paper No. 11 of 2024. The focus of the implemented amendments is on revisions to the process whereby Virtual Assets (VAs) are accepted for use as Accepted Virtual Assets (AVAs) in ADGM, alongside appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities in relation to VAs (VA Firms). The amendments also introduce a specific product intervention power in relation to VAs as well as enshrining rules that confirm the existing approach to the prohibition of using privacy tokens and algorithmic stablecoins within ADGM. Finally, the amendments expand the scope of investments in which Venture Capital Funds may invest. The FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect the implemented measures and to provide further guidance to VA Firms in relation to applying the AVA assessment criteria. Emmanuel Givanakis, Chief Executive Officer of ADGM's FSRA said: 'The implementation of these changes marks a significant milestone in the evolution of the FSRA's framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem. We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services." The FSRA acknowledges the constructive and well received feedback received in response to the Consultation Paper, including in relation to the discussion points raised, and for the amended legislation see here.
Economy ME
10-06-2025
- Business
- Economy ME
ADGM FSRA implements amendments to digital asset regulatory framework
The Financial Services Authority (FSRA) of ADGM has announced the implementation of amendments to its regulatory framework for digital assets. This implementation follows extensive engagement with the industry and feedback received on Consultation Paper No. 11 of 2024. The primary focus of the implemented amendments is on revising the process through which Virtual Assets (VAs) are accepted as Accepted Virtual Assets (AVAs) in ADGM, along with establishing appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities related to VAs (VA Firms). Additionally, the amendments introduce a specific product intervention power concerning VAs, while also reinforcing existing rules that prohibit the use of privacy tokens and algorithmic stablecoins within ADGM. Furthermore, the amendments broaden the scope of investments for which Venture Capital Funds may invest. The FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect these measures and provide further assistance to VA Firms regarding the application of the AVA assessment criteria. Read more: ADGM FSRA publishes IT Risk Management Guidance Regulatory certainty for industry Emmanuel Givanakis, chief executive officer of ADGM's FSRA, stated: 'The implementation of these changes marks a significant milestone in the evolution of the FSRA's framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem. We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services.'
