巴基斯坦的加密货币繁荣需要监管框架

巴基斯坦日益增长的加密货币采用率促使政府考虑监管。尽管缺乏法律认可，比特币的使用量仍在激增，点对点服务和场外交易方法越来越受欢迎。美国证券交易委员会提出了监管措施，而国家银行则对未经授权的加密货币操作发出警告。

Cryptocurrency's Ascent in Pakistan: Regulatory Imperatives Emerge

加密货币在巴基斯坦的崛起：监管要求的出现

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.

巴基斯坦是一个新兴的东南亚经济体，人口约 2.5 亿，加密货币的采用激增。尽管缺乏全面的监管框架，但数字资产的广泛普及使得政府有必要关注应对新出现的挑战并利用潜在机遇。

Crypto Adoption Landscape

加密货币采用情况

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.

巴基斯坦的加密货币采用蓬勃发展，比特币成为一种流行的选择。 Binance 和 Paxful 等点对点平台以及场外交易 (OTC) 可以在缺乏受监管交易所的情况下促进交易。 2020 年，巴基斯坦证券交易委员会 (SECP) 承认需要采取监管方法，并发布了一份讨论文件，概述了潜在的途径。

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.

该国中央银行巴基斯坦国家银行（SBP）警告称，加密货币不被视为法定货币，并且没有任何个人或实体获得发行或运营加密货币的授权。然而，尽管存在这些监管挑战，巴基斯坦在加密货币采用方面仍排名全球第六，估计市场规模为 18-250 亿美元。

Economic Factors Driving Adoption

推动采用的经济因素

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.

巴基斯坦每年超过 25% 的持续通胀侵蚀了传统货币的价值，并激发了人们对加密货币作为潜在对冲工具的兴趣。此外，该国不断增长的精通技术的人口，特别是年轻人，已经接受数字资产作为投资和金融包容性的手段。

Legal Ambiguity and Regulatory Dilemma

法律歧义和监管困境

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.

加密货币在巴基斯坦存在于法律灰色地带。虽然没有明确禁止，但它们没有得到官方认可或监管。 SBP 禁止任何实体促进虚拟货币交易，而联邦调查局 (FIA) 则逮捕了与加密货币挖矿和洗钱相关的人员。

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，开伯尔-普赫图赫瓦省政府通过了加密货币合法化的决议，但这尚未在全国范围内采用。 2023 年 5 月，巴基斯坦政府宣布全面禁止加密货币相关活动，理由是对非法交易的担忧以及遵守金融行动特别工作组 (FATF) 的需要。

Legal Status of Crypto Assets

加密资产的法律地位

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

以下是各种加密资产在巴基斯坦的法律地位概述：

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

Taxation

比特币：被禁止/非法 NFT：非法挖矿：非法交易：非法 DeFi：允许税收

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，巴基斯坦没有针对加密资产的具体税收制度。然而，巴基斯坦工商会联合会（FPCCI）提出了一个框架，将对加密货币转换、兑现和交易利润征税。

Future Prospects and Challenges

未来的前景与挑战

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.

巴基斯坦加密货币监管的未来仍然不确定。该国的伊斯兰原则提出了挑战，因为与加密货币相关的“gharar”（不确定性）概念可能与宗教信条相冲突。此外，对波动性和潜在欺诈的担忧也给监管机构带来了危险信号。

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.

尽管存在法律模糊性，巴基斯坦的加密生态系统仍然表现出了弹性和创新。政府不断演变的做法表明，人们认识到平衡监管与促进经济增长的必要性。随着全球加密货币格局的不断发展，巴基斯坦的政策制定者将面临开发一个保护消费者、降低风险并利用数字资产潜在好处的框架的挑战。

Conclusion

结论

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.

近年来，巴基斯坦的加密货币采用量激增，反映出数字资产在新兴市场日益受欢迎。尽管法律地位仍不确定，但政府正在积极探索监管方案。随着该国应对加密货币监管的复杂性，其结果将塑造巴基斯坦这一变革性技术的未来。