There was confusion regarding the official legal status of Binance in Pakistan, but according to the latest updates, the State Bank of Pakistan (SBP) has not declared cryptocurrencies illegal. In fact, the SBP advised banks to avoid crypto transactions in 2018, but now the government is working with the Pakistan Crypto Council (PCC) to clarify crypto regulations.
💥Binance and JazzCash Partnership
Binance and JazzCash have recently signed an MoU, which discusses collaboration for the adoption and education of virtual assets. This partnership could strengthen crypto regulations in Pakistan.
💥Tax Rules
There is still no clarity regarding tax rules for crypto transactions in Pakistan. The Federal Board of Revenue (FBR) may treat crypto gains as income or capital gains. After the establishment of PVARA, tax laws may be clarified.
💥Account Blocking
Bank accounts may be blocked for P2P trading if transactions are suspicious. The SBP has advised banks to monitor crypto-related transactions. If your account has been blocked, you can resolve the issue by contacting the bank and submitting documents afterward.
💥Follow-up questions:
1. What are the next steps for crypto regulations in Pakistan?
2. How can the partnership between Binance and JazzCash boost crypto adoption in Pakistan?
