Islamabad:
On Wednesday, the permanent senatorial committee of finance raised serious concerns concerning cryptocurrency relations, tax pressures, money laundering and the role of customs, while legislators discussed the bill on virtual assets 2025.
Predictive by Senator Saleem Mandviwalla, the committee heard that most of the country’s cryptographic transactions were carried out through Hundi and Hawala channels. Pakistan is now ranked eighth in the world in terms of citizens’ cryptography investment, Mandviwalla revealed.
The finance secretary, Imdadullah Bosal, has admitted that so far Pakistan has had no regulatory framework for virtual assets, but said that the government introduced new rules to ensure transparency.
Senator Mohin Aziz issued a more alarming warning: cryptocurrency was increasingly used in the abduction for ransom in Pakistan. He said kidnappers demanded a ransom in digital currency instead of money, a trend that could intensify the risk of money laundering.
During the meeting, Senator Dilawar Khan criticized the complex tax regime, arguing that several samples crushed the public. He suggested that a uniform tax of 5% at the national level could increase the collections by 40% despite the lower rate.
Senator Anusha Rahman expressed strong complaints concerning customs corruption, saying that people were systematically extorted to 23 control points between Quetta and Taftan. “If customs offered appropriate facilitation, such complaints would not arise,” she said.
A consultant from the Ministry of Law informed the Committee that the 2025 virtual asset bill would create an independent supervisory board, while the deputy of the State Bank said that the cryptocurrency is currently falling into a legal – but not illegal “gray zone. He added that young Pakistani have shown remarkable expertise in the use of digital currencies.
