Pakistan Gives Crypto Firms Deadline to Register Amid Regulatory Clampdown

Pakistan's government has given cryptocurrency firms a stern warning ahead of a September 5 deadline. According to reports, the country's State Bank of Pakistan (SBP) is requiring all digital asset trading platforms to register with the state and comply with its regulations.

The SBP has stated that crypto companies must meet certain criteria, including having a registered office in Pakistan, maintaining a minimum paid-up capital of $50,000, and appointing a local representative. The deadline for compliance is September 5, and any firm that fails to meet these requirements will face penalties.

The move comes as the Pakistani government seeks to regulate the growing cryptocurrency sector in the country. While some experts have welcomed the development, others have expressed concerns about the potential impact on innovation and adoption.