Legalizing cryptocurrency trading in Pakistan could generate more than Rs. 20 billion in taxes.

In addition the figure of $650 million in profit generated by Pakistani crypto traders

Pakistan could pay at most 100 million dollars in tax revenue in a single year or about Rs. 20 billion through only allowing cryptocurrency trading market in Pakistan as stated by the Mr. Zeeshan Ahmed, Country General Manager of Rain Financial Inc.

He said that Mr. Ahmed was referring to a Chainalysis report which states that Pakistan cryptocurrency traders operating in the country earned six hundred million dollars in profit from July 2020 until June 2021. If taxed at a rate of 15 percent (for the sake of India taxes crypto earnings at 30 percent) The government could earn greater than 100 million or more than Rs. 20 billion in tax revenues.

If you’re thinking about how large this sum is, here is a quick reference. the entire salaried class of Pakistan was liable to pay approximately the sum of Rs. 150 billion in taxes in 2020-21.

In addition the figure of $650 million in profit generated by cryptocurrency trading in Pakistan

In addition the figure of $650 million in profit generated by Pakistani crypto traders, or about Rs. 20 billion in tax-free potential per year is a conservative estimation because trading isn’t allowed by law in Pakistan as well as the fact that FIA is in pursuit of cryptocurrency traders in recent times.

If it is legalized and permitted If legalized, the earnings (and ultimately) taxes may be well over the amount previously proposed.

Rain Financial Inc, which holds a crypto exchange license for Bahrain and Turkey and is planning to get into the Pakistani market too However, in contrast to other exchanges Rain Financial Inc will be entering the country following the legalization of cryptocurrency transactions in Pakistan.

In this regard, the Rain team has been reported to have met with various stakeholders that include State Bank, SECP, Ministry of Finance, FBR, MoITT, and other institutions. As per the report of Ms. Aatiqa Lateef, the Director of Public Policy (Pakistan) for Rain Financial, the meetings were successful and she’s looking forward to positive outcomes from the legalization of cryptocurrency trading in Pakistan.

If you’re not already aware, cryptocurrency trading is prohibited in Pakistan. This means that you aren’t able to trade in cryptocurrency through an exchange or privately with a person within the country.

Legalization of cryptocurrency trading

To accomplish this, it is reported that the Rain team has been reported to have met with a variety of stakeholders that include State Bank, SECP, Ministry of Finance, FBR, MoITT, and other institutions. As per the report of Ms. Aatiqa Lateef, the Director of Public Policy (Pakistan) for Rain Financial, the meetings were successful and she’s looking forward to positive developments in the legalization of cryptocurrency trading in Pakistan.

In case you’re not aware, trading in crypto is illegal in Pakistan. It means that you aren’t able to trade cryptocurrency via an exchange, or privately with someone else in the country.

Although they are not allowed, Pakistanis have been regularly trading in crypto on exchanges such as Binance (another cryptocurrency exchange) that are not legal, and should they be they are found to be in operation, FIA could put the traders in jail for their trespasses.

FIA has issued many FIRs against people and has reported arresting several traders in the past too.

Rain Financial is spearheading the efforts to alter that. Rain Financial is hoping to convince authorities in Pakistan to allow crypto trading to be regulated and then join the Pakistani market to provide its services in the country.

Read more about cryptocurrency

Blockchain: The Most Trusted Crypto Wallet & Exchange

6 Best Cryptocurrency Freelance Websites

Number go down: Panic! In the world of cryptocurrency

Dish’s next wireless plan could allow you to buy an iPhone with cryptocurrency

Stablecoins are trying to stay afloat in the crypto-crash

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Escape the Winter Blues with These Fun Things to Do in Perth

Feeling down this winter? Perth offers a variety