STEP by step, Pakistan is, at least on paper, moving closer to recognising, adopting and regulating cryptocurrencies and virtual assets at the official level. The latest development is a cabinet nod to the Pakistan Virtual Assets Regulatory Authority, which is to be tasked with licensing, monitoring, and supervising virtual asset service providers, ensuring alignment with global standards set by the FATF, the IMF and World Bank, according to news reports. The finance ministry has described the cabinet’s approval as “a landmark step towards establishing a comprehensive legal and institutional framework for overseeing the country’s rapidly........

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