Rain, an international cryptocurrency exchange network, has expressed interest in launching Pakistan’s first cryptocurrency exchange.
The network recommended a regulatory authority and cross-ministerial committee for a regulatory framework in Pakistan in a letter to the Federal Minister for Science and Technology. Rain also urged that the ministry begin a process of engagement with all parties.
Rain, a certified cryptocurrency brokerage in the Middle East, Turkey, and North Africa, has addressed a letter to Shibli Faraz, Pakistan’s Minister of Science and Technology, requesting that cryptocurrencies be regulated in Pakistan.
Rain’s Policy Head, Aatiqa Lateef, highlighted her company’s aim to build Pakistan’s first regulated Bitcoin exchange in a letter to the Federal Minister.
Rain officials indicated that Pakistan is a developing market for cryptocurrencies, but that it is experiencing capital flight as a result of unregulated operations. Without a regulatory framework, the government will suffer untold losses and public fraud will continue unabated.
The regulatory authority, according to the letter, should have oversight expertise in other markets such as capital markets, emerging financial markets, and other entities, such as taxation, consumer protection, company registration, and enforcement measures.
The formation of a cross-ministerial committee is required to establish collaboration among government organizations in order to generate common goals and strike a balance that will drive economic progress.
It can also be useful for safeguarding customers and enforcing anti-fraud policies. The international network is looking for a regulatory framework that is cohesive, enabling, and simplified in order to fully realize the potential of crypto assets in encouraging economic development.
Rain praised the Ministry of Science and Technology’s efforts to strengthen Pakistan’s technological capabilities and prepare a roadmap for the use of emerging technologies to boost capacity and socioeconomic growth.
Rain also urged that the government begin the consultation process with all stakeholders, claiming that this would assist the administration in engaging them.
Federal Minister for Finance Shaukat Tarin, Chairman FBR Dr. Muhammad Ashfaq, Chairman SECP Aamir Khan, Federal Secretary IT and Telecommunication Sohail Rajput, Governor State Bank Reza Baqir, and Chairman Special Technology Zones Authority Amer Hashmi have all received copies of the letters.
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