巴基斯坦的加密十字路口：负责任创新的分阶段方法

无边界，开源，挥发性和分散的 - 加密货币快节奏且不断发展。

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.

加密货币近来已成为越来越热的话题，几乎每天都会发现新的用例和应用程序。基于区块链的技术和加密货币用例的快速发展，这给现有的法律和监管框架带来了巨大的压力，这些框架正在努力与这些创新保持同步。

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.

从DEFI到Web3，每个新的加密货币用例或应用都带来了一套独特的法律不确定性和潜在风险，必须评估和管理。此外，加密法规的横切性质涵盖了多个监管制度，包括银行，证券，商品期货，数据保护和反洗钱。这些监管领域通常由不同优先级的不同机构支配，使监管景观变得更加复杂。

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.

对于仍在整合这一新兴行业的巴基斯坦这样的国家，任务更加明显。巴基斯坦必须在建立法律确定性和驾驶自己的经济优先事项和机构能力之间取得谨慎的平衡。对于巴基斯坦来说，要考虑其特定的宏观经济环境并相应地对齐其监管策略也至关重要。

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，不可否认的是，将该新兴部门置于综合监管框架的保护下的紧迫性。随着世界变得越来越互连，巴基斯坦无法为建立加密监管的全球标准框架而变得更加异常。

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.

目的是以保护这种无边界数字经济的消费者和投资者的方式来促进负责任的创新，同时还使该国能够完全参与全球加密市场，并受益于其金融包容性和经济增长的潜力。

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

分阶段的方法对于管理巴基斯坦加密调节的复杂性可能很有用。

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

第一阶段可以专注于为巴基斯坦的加密监管奠定基础。这将涉及几个关键步骤：

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。中央监督当局：建立一个专门的加密货币监管机构，具有明确的许可，合规性，与相关机构的协调以及持续的政策制定。该机构可以向财政部长报告，并得到巴基斯坦加密委员会的建议。

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标准：与金融行动工作组（FATF）指南相结合，巴基斯坦的反洗钱，反恐融资（AML/CFT）标准。使用强大的“知识客户”（KYC）规范，交易监控和有效的执行机制，开发特定于特定的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.法律定义和准则：澄清加密货币资产，虚拟资产服务提供商（VASP）和区块链应用程序的法律定义，以消除歧义。制定明确的资本要求，风险管理实践和投资者保护措施的监管指南。

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。许可VASP：对虚拟资产服务提供商（VASP）的强大注册和许可制度，包括加密货币交易所，钱包和托管人。此步骤对于确保消费者保护，市场完整性和监管合规性至关重要。

The second phase could focus on controlled innovation.

第二阶段可以专注于受控的创新。

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。双层许可模型：采用与新加坡和日本类似的双层许可模型，将允许对较小，风险较小的加密货币公司进行更轻松的调节，同时需要更大，更重要的参与者的更严格的合规性。这种方法平衡了在促进创新方面的灵活性与大型加密公司所提出的系统性安全问题。

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。扩大监管沙盒和试点计划：促进受控的测试环境，在这些环境中，可以以有限的容量来部署和监控新的加密技术，产品或服务。这样的监管沙箱，例如巴基斯坦证券交易委员会（SECP）建立的沙箱，应扩大并专注于区块链，数字支付和标记资产等新兴部门。

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.区块链使用法律框架：超越加密货币，区块链可以简化政府服务，物流和记录保存。制定一项国家区块链战略，并具有必要的法律和法规清晰度，以整合区块链技术，以提高公共部门的效率和公共信任。

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

第三阶段可以专注于保护，解决和价值创造。

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。消费者保护标准：在加密广告中介绍强大的标准，以实现加密广告的透明度，为用户资产的强制性安全监护协议以及清晰的披露，以保护消费者并建立对市场的信任。

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.数据保护法：整合强大的数据保护法，以授权加密，安全处理个人和财务数据以及在所有加密平台上数据存储和传输方面的最佳实践，以防止滥用并确保隐私。

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

3。快速轨道争议解决：通过有效的仲裁和调解框架，可以促进加密和区块链相关的冲突的快速解决。

The last phase could focus on strategic integration.

最后一个阶段可以集中于战略整合。

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。调节和激励比特币挖掘：考虑到巴基斯坦某些地区剩余电力的潜力以及全球对比特币的需求不断上升，请考虑一种以经济上对巴基斯坦和对环境目标保持经济利益的法律和控制比特币挖掘的策略。这可能涉及为加密采矿中使用的清洁能源解决方案提供税收优惠。

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。加密货币税收政策：制定一项清晰，一致的加密货币税收政策，与巴基斯坦的更广泛的税制保持一致。定义资本收益和收入的税收影响