巴基斯坦的加密十字路口：負責任創新的分階段方法

無邊界，開源，揮發性和分散的 - 加密貨幣快節奏且不斷發展。

Cryptocurrencies have become an increasingly hot topic in recent times, with new use cases and applications being discovered almost daily. This rapid evolution of blockchain-based technologies and cryptocurrency use cases is placing an immense strain on the existing legal and regulatory frameworks, which are struggling to keep pace with these innovations.

加密貨幣近來已成為越來越熱的話題，幾乎每天都會發現新的用例和應用程序。基於區塊鏈的技術和加密貨幣用例的快速發展，這給現有的法律和監管框架帶來了巨大的壓力，這些框架正在努力與這些創新保持同步。

Each new cryptocurrency use case or application, from DeFi to Web3, brings with it a unique set of legal uncertainties and potential risks that must be assessed and managed. Moreover, the cross-cutting nature of crypto regulation spans multiple regulatory regimes, including banking, securities, commodities futures, data protection, and anti-money laundering. These regulatory domains are often governed by different institutions with varying priorities, further complicating the regulatory landscape.

從DEFI到Web3，每個新的加密貨幣用例或應用都帶來了一套獨特的法律不確定性和潛在風險，必須評估和管理。此外，加密法規的橫切性質涵蓋了多個監管制度，包括銀行，證券，商品期貨，數據保護和反洗錢。這些監管領域通常由不同優先級的不同機構支配，使監管景觀變得更加複雜。

For a country like Pakistan, which is still in the process of integrating this emerging sector, the task is even more pronounced. Pakistan must strike a careful balance between establishing legal certainty and navigating its own economic priorities and institutional capacities. It is also crucial for Pakistan to factor in its specific macroeconomic context and align its regulatory strategy accordingly.

對於仍在整合這一新興行業的巴基斯坦這樣的國家，任務更加明顯。巴基斯坦必須在建立法律確定性和駕駛自己的經濟優先事項和機構能力之間取得謹慎的平衡。對於巴基斯坦來說，要考慮其特定的宏觀經濟環境並相應地對齊其監管策略也至關重要。

However, the urgency to bring this emerging sector under the umbrella of a comprehensive regulatory framework is undeniable. As the world becomes increasingly interconnected, Pakistan cannot afford to be an outlier in setting up a global-standard framework for crypto regulation.

但是，不可否認的是，將該新興部門置於綜合監管框架的保護下的緊迫性。隨著世界變得越來越互連，巴基斯坦無法為建立加密監管的全球標準框架而變得更加異常。

The goal is to foster responsible innovation in a way that protects consumers and investors in this borderless digital economy, while also enabling the country to participate fully in the global crypto market and benefit from its potential for financial inclusion and economic growth.

目的是以保護這種無邊界數字經濟的消費者和投資者的方式來促進負責任的創新，同時還使該國能夠完全參與全球加密市場，並受益於其金融包容性和經濟增長的潛力。

A phased approach may be useful to manage the complexity of crypto regulation in Pakistan.

分階段的方法對於管理巴基斯坦加密調節的複雜性可能很有用。

The first phase could focus on laying the foundation for crypto regulation in Pakistan. This would involve several key steps:

第一階段可以專注於為巴基斯坦的加密監管奠定基礎。這將涉及幾個關鍵步驟：

1. Central Oversight Authority: Establish a dedicated cryptocurrency regulatory body with a clear mandate for licensing, compliance, coordination with relevant institutions, and ongoing policy development. This body could report to the finance minister and be advised by the Pakistan Crypto Council.

1。中央監督當局：建立一個專門的加密貨幣監管機構，具有明確的許可，合規性，與相關機構的協調以及持續的政策制定。該機構可以向財政部長報告，並得到巴基斯坦加密委員會的建議。

2. AML/CFT Standards: Align Pakistan’s anti-money laundering, counter-terrorism financing (AML/CFT) standards with the Financial Action Task Force (FATF) guidelines. Develop a cryptocurrency-specific AML/CFT framework with robust ‘know-your-customer’ (KYC) norms, transaction monitoring, and efficient enforcement mechanisms.

2。 AML/CFT標準：與金融行動工作組（FATF）指南相結合，巴基斯坦的反洗錢，反恐融資（AML/CFT）標準。使用強大的“知識客戶”（KYC）規範，交易監控和有效的執行機制，開發特定於特定的AML/CFT框架。

3. Legal Definitions and Guidelines: Clarify the legal definitions of cryptocurrency assets, Virtual Asset Service Providers (VASPs), and blockchain applications to eliminate ambiguity. Set forth clear regulatory guidelines for capital requirements, risk management practices, and investor protection measures.

3.法律定義和準則：澄清加密貨幣資產，虛擬資產服務提供商（VASP）和區塊鏈應用程序的法律定義，以消除歧義。制定明確的資本要求，風險管理實踐和投資者保護措施的監管指南。

4. Licensing VASPs: Institute a robust registration and licensing regime for Virtual Asset Service Providers (VASPs), including cryptocurrency exchanges, wallets, and custodians. This step is essential to ensure consumer protection, market integrity, and regulatory compliance.

4。許可VASP：對虛擬資產服務提供商（VASP）的強大註冊和許可製度，包括加密貨幣交易所，錢包和託管人。此步驟對於確保消費者保護，市場完整性和監管合規性至關重要。

The second phase could focus on controlled innovation.

第二階段可以專注於受控的創新。

1. Dual-Tier Licensing Model: Adopting a dual-tier licensing model, similar to those in Singapore and Japan, would allow for lighter regulation of smaller, less risky crypto firms, while requiring stricter compliance from larger, more significant players. This approach balances the need for flexibility in fostering innovation with the systemic safety concerns posed by large-scale crypto firms.

1。雙層許可模型：採用與新加坡和日本類似的雙層許可模型，將允許對較小，風險較小的加密貨幣公司進行更輕鬆的調節，同時需要更大，更重要的參與者的更嚴格的合規性。這種方法平衡了在促進創新方面的靈活性與大型加密公司所提出的系統性安全問題。

2. Expanding Regulatory Sandboxes and Pilot Programs: Facilitate controlled testing environments where new crypto technologies, products, or services can be deployed and monitored in a limited capacity. Such regulatory sandboxes, like the one being established by the Securities and Exchange Commission of Pakistan (SECP), should be expanded and focused on emerging sectors like blockchain, digital payments, and tokenised assets.

2。擴大監管沙盒和試點計劃：促進受控的測試環境，在這些環境中，可以以有限的容量來部署和監控新的加密技術，產品或服務。這樣的監管沙箱，例如巴基斯坦證券交易委員會（SECP）建立的沙箱，應擴大並專注於區塊鏈，數字支付和標記資產等新興部門。

3. Legal Framework for Blockchain Use: Beyond cryptocurrencies, blockchain can streamline government services, logistics, and recordkeeping. Develop a national blockchain strategy, complete with the necessary legal and regulatory clarity, to integrate blockchain technology for improving public sector efficiency and public trust in institutions.

3.區塊鏈使用法律框架：超越加密貨幣，區塊鏈可以簡化政府服務，物流和記錄保存。制定一項國家區塊鏈戰略，並具有必要的法律和法規清晰度，以整合區塊鏈技術，以提高公共部門的效率和公共信任。

The third phase could focus on protection, resolution and value creation.

第三階段可以專注於保護，解決和價值創造。

1. Consumer Protection Standards: Introduce strong standards for transparency in crypto advertisements, mandatory secure custody protocols for user assets, and clear disclosures to protect consumers and build trust in the market.

1。消費者保護標準：在加密廣告中介紹強大的標準，以實現加密廣告的透明度，為用戶資產的強制性安全監護協議以及清晰的披露，以保護消費者並建立對市場的信任。

2. Data Protection Laws: Integrate strong data protection laws that mandate encryption, secure handling of personal and financial data, and best practices in data storage and transfer across all crypto platforms to prevent misuse and ensure privacy.

2.數據保護法：整合強大的數據保護法，以授權加密，安全處理個人和財務數據以及在所有加密平台上數據存儲和傳輸方面的最佳實踐，以防止濫用並確保隱私。

3. Fast-Track Dispute Resolution: Facilitate the speedy resolution of crypto- and blockchain-related conflicts through efficient arbitration and mediation frameworks.

3。快速軌道爭議解決：通過有效的仲裁和調解框架，可以促進加密和區塊鏈相關的衝突的快速解決。

The last phase could focus on strategic integration.

最後一個階段可以集中於戰略整合。

1. Regulating and Incentivising Bitcoin Mining: Given the potential for surplus electricity in certain regions of Pakistan and the rising global demand for Bitcoin, consider a strategy for the legal and controlled integration of Bitcoin mining in a way that is economically beneficial to Pakistan and aligns with its environmental goals. This could involve offering tax incentives for clean energy solutions used in crypto mining.

1。調節和激勵比特幣挖掘：考慮到巴基斯坦某些地區剩餘電力的潛力以及全球對比特幣的需求不斷上升，請考慮一種以經濟上對巴基斯坦和對環境目標保持經濟利益的法律和控制比特幣挖掘的策略。這可能涉及為加密採礦中使用的清潔能源解決方案提供稅收優惠。

2. Cryptocurrency Taxation Policy: Develop a clear and consistent cryptocurrency taxation policy that aligns with the broader tax system in Pakistan. Define the tax implications of capital gains and income

2。加密貨幣稅收政策：制定一項清晰，一致的加密貨幣稅收政策，與巴基斯坦的更廣泛的稅制保持一致。定義資本收益和收入的稅收影響