This is very good news from my country for crypto, because now crypto is being properly regulated. The good thing is that it will now be written into Pakistan’s legal framework that crypto will be officially regularized.
Very soon, the government will announce a virtual currency, which will surely give Pakistani users good motivation and support. The biggest benefit is that in the future we will be able to buy crypto directly through banks without any P2P access.
Now the question arises that if, for example, the government launches a PKRT virtual currency, will it get support from Binance? Will they make an agreement with each other?
Surely, Binance would want every country to adopt it because it would be beneficial for Binance. When a country regularizes crypto, the number of users on Binance increases, and the more users there are, the more benefit Binance gets.
After the launch of PKRT, it will surely establish a connection with Binance, and the rules and regulations will be signed by both sides. The Government of Pakistan will be responsible in the case of any Binance related fraud. Likewise, Binance will be required to provide all necessary details to the government.
Now another question arises that will the government also impose taxes? Surely, that is bound to happen. As far as I know, India has a 30% tax. Tax on capital gains has to be paid continuously. This tax is extremely high and I hope the Government of Pakistan does not make the same mistake.
At the moment, around 20–30 million people in Pakistan use crypto. This is still not a very large number. If the government imposes heavy taxes it is possible that the number of users may decrease even further.
So in such situations, the government should provide relief to its people and support investors. In my view a 10% tax would be the best option which would benefit both the government and investors. (The regular tax currently imposed on stocks is 15%.)
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