巴基斯坦的加密貨幣繁榮需要監管框架

巴基斯坦日益增長的加密貨幣採用率促使政府考慮監管。儘管缺乏法律認可，比特幣的使用量仍在激增，點對點服務和場外交易方法越來越受歡迎。美國證券交易委員會提出了監管措施，而國家銀行則對未經授權的加密貨幣操作發出警告。

Cryptocurrency's Ascent in Pakistan: Regulatory Imperatives Emerge

加密貨幣在巴基斯坦的崛起：監管要求的出現

Pakistan, a burgeoning Southeast Asian economy with a population of approximately 250 million, has witnessed a surge in cryptocurrency adoption. Despite the absence of a comprehensive regulatory framework, the widespread embrace of digital assets has necessitated government attention to address emerging challenges and capitalize on potential opportunities.

巴基斯坦是一個新興的東南亞經濟體，人口約 2.5 億，加密貨幣的採用激增。儘管缺乏全面的監管框架，但數位資產的廣泛普及使得政府有必要專注於應對新出現的挑戰並利用潛在機會。

Crypto Adoption Landscape

加密貨幣採用情況

Cryptocurrency adoption in Pakistan has flourished, with Bitcoin emerging as a popular choice. Peer-to-peer platforms such as Binance and Paxful, as well as over-the-counter (OTC) trading, facilitate transactions in the absence of regulated exchanges. In 2020, the Securities and Exchange Commission of Pakistan (SECP) acknowledged the need for a regulatory approach, releasing a discussion paper outlining potential avenues.

巴基斯坦的加密貨幣採用蓬勃發展，比特幣成為一種流行的選擇。 Binance 和 Paxful 等點對點平台以及場外交易 (OTC) 可以在缺乏受監管交易所的情況下促進交易。 2020 年，巴基斯坦證券交易委員會 (SECP) 承認需要採取監管方法，並發布了一份討論文件，概述了潛在的途徑。

The State Bank of Pakistan (SBP), the country's central bank, has cautioned that cryptocurrencies are not recognized as legal tender and that no individuals or entities have been authorized for their issuance or operation. However, despite these regulatory challenges, Pakistan ranks sixth globally in crypto adoption, with an estimated market size of $18-25 billion.

該國中央銀行巴基斯坦國家銀行（SBP）警告稱，加密貨幣不被視為法定貨幣，並且沒有任何個人或實體獲得發行或經營加密貨幣的授權。然而，儘管存在這些監管挑戰，巴基斯坦在加密貨幣採用方面仍排名全球第六，估計市場規模為 180-250 億美元。

Economic Factors Driving Adoption

推動採用的經濟因素

Pakistan's persistent inflation, exceeding 25% annually, has eroded the value of traditional currency and fueled interest in cryptocurrencies as a potential hedge. Additionally, the country's burgeoning tech-savvy population, particularly among the youth, has embraced digital assets as a means of investment and financial inclusion.

巴基斯坦每年超過 25% 的持續通膨侵蝕了傳統貨幣的價值，並激發了人們對加密貨幣作為潛在對沖工具的興趣。此外，該國不斷增長的精通技術的人口，特別是年輕人，已經接受數位資產作為投資和金融包容性的手段。

Legal Ambiguity and Regulatory Dilemma

法律歧義與監管困境

Cryptocurrencies exist in a legal gray area in Pakistan. While not explicitly banned, they are not officially recognized or regulated. The SBP has prohibited any entities from facilitating virtual currency transactions, while the Federal Investigation Agency (FIA) has made arrests related to cryptocurrency mining and money laundering.

加密貨幣在巴基斯坦存在於法律灰色地帶。雖然沒有明確禁止，但它們沒有得到官方認可或監管。 SBP 禁止任何實體促進虛擬貨幣交易，而聯邦調查局 (FIA) 則逮捕了與加密貨幣挖礦和洗錢相關的人員。

In December 2020, the Khyber Pakhtunkhwa government passed a resolution to legalize cryptocurrency, but this has not been adopted nationwide. In May 2023, the Pakistani government announced a blanket ban on crypto-related activities, citing concerns over illegal transactions and the need to comply with the Financial Action Task Force (FATF).

2020年12月，開伯爾-普赫圖赫瓦省政府通過了加密貨幣合法化的決議，但這尚未在全國範圍內採用。 2023 年 5 月，巴基斯坦政府宣布全面禁止加密貨幣相關活動，理由是對非法交易的擔憂以及遵守金融行動特別工作組 (FATF) 的需要。

Legal Status of Crypto Assets

加密資產的法律地位

The following is an overview of the legal status of various crypto assets in Pakistan:

以下是各種加密資產在巴基斯坦的法律地位概述：

• Bitcoin: Banned/Illegal
• NFTs: Illegal
• Mining: Illegal
• Trading: Illegal
• DeFi: Allowed

Taxation

比特幣：被禁止/非法 NFT：非法挖礦：非法交易：非法 DeFi：允許稅收

Currently, there is no specific tax regime for crypto assets in Pakistan. However, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed a framework that would impose taxes on crypto conversions, encashments, and trading profits.

目前，巴基斯坦沒有針對加密資產的具體稅收制度。然而，巴基斯坦工商會聯合會（FPCCI）提出了一個框架，將對加密貨幣轉換、兌現和交易利潤徵稅。

Future Prospects and Challenges

未來的前景與挑戰

The future of cryptocurrency regulation in Pakistan remains uncertain. The country's Islamic principles pose challenges, as the concept of "gharar" (uncertainty) associated with cryptocurrencies may conflict with religious tenets. Additionally, concerns over volatility and potential for fraud have raised red flags for regulators.

巴基斯坦加密貨幣監管的未來仍然不確定。該國的伊斯蘭原則提出了挑戰，因為與加密貨幣相關的「gharar」（不確定性）概念可能與宗教信條相衝突。此外，對波動性和潛在詐欺的擔憂也為監管機構帶來了危險訊號。

Despite the legal ambiguity, Pakistan's crypto ecosystem has shown resilience and innovation. The government's evolving approach suggests a recognition of the need to balance regulatory oversight with fostering economic growth. As the global crypto landscape continues to evolve, Pakistan's policymakers will face the challenge of developing a framework that protects consumers, mitigates risks, and harnesses the potential benefits of digital assets.

儘管存在法律模糊性，巴基斯坦的加密生態系統仍然表現出了彈性和創新。政府不斷演變的做法表明，人們認識到平衡監管與促進經濟成長的必要性。隨著全球加密貨幣格局的不斷發展，巴基斯坦的政策制定者將面臨開發一個保護消費者、降低風險並利用數位資產潛在好處的框架的挑戰。

Conclusion

結論

Pakistan's cryptocurrency adoption has surged in recent years, reflecting the growing popularity of digital assets in emerging markets. While the legal status remains uncertain, the government is actively exploring regulatory options. As the country navigates the complexities of cryptocurrency regulation, the outcome will shape the future of this transformative technology in Pakistan.

近年來，巴基斯坦的加密貨幣採用量激增，反映出數位資產在新興市場日益受歡迎。儘管法律地位仍不確定，但政府正積極探索監管方案。隨著該國應對加密貨幣監管的複雜性，其結果將塑造巴基斯坦這項變革性技術的未來。