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Arab News
08-07-2025
- Business
- Arab News
Pakistan greenlights independent regulator to oversee digital assets ecosystem
ISLAMABAD: The federal cabinet this week approved the summary to create the Pakistan Virtual Assets Regulatory Authority (PVARA), the office of the minister of state on blockchain and crypto said, describing it a 'landmark step' to oversee the country's rapidly growing digital assets ecosystem. The development takes place less than four months after the government set up the Pakistan Crypto Council (PCC) in March to create a legal framework for cryptocurrency trading to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan while in May, Islamabad also unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas. The office of the minister of state for blockchain and cryptocurrency described the cabinet's approval as a 'landmark step' toward establishing a comprehensive legal and institutional framework to oversee the country's rapidly growing digital assets ecosystem. 'The proposed authority will operate as an independent regulator dedicated to licensing, monitoring, and supervising virtual asset service providers (VASPs), while ensuring full alignment with Financial Action Task Force (FATF) guidelines and international best practices,' the statement said on Monday. It added that the authority will also oversee public protection mechanisms, anti-money laundering protocols and cyber risk mitigation across virtual asset transactions within the country. The statement said the government's coordinated approach, combining sovereign asset reserves, surplus energy deployment and robust regulation, reflects Pakistan's ambition to become a 'digital assets hub' in South Asia. 'By building trust, attracting foreign investment, and fostering innovation in the blockchain sector, Pakistan is setting the foundations for a secure, inclusive, and future-proof digital economy,' the state minister's office said. It described Pakistan as being among the world's 'promising' frontier markets for digital assets, saying it has over 40 million crypto users and an estimated annual trading volume of $300 billion which was occurring through informal channels as per industry sources. Pakistan's move to adopt digital currency is a significant shift for it, considering it had previously banned cryptocurrency transactions in 2018 citing financial risks and lack of regulation.
Irish Times
06-05-2025
- Business
- Irish Times
Cutting red-tape and making business simpler is critical, says Minister
Cutting red-tape, making business simpler, and addressing the regulatory burdens faced by small and medium businesses, will be critical to delivering prosperity for citizens, Minister of State Thomas Byrne has sasid. Speaking at the Global Ireland conference in Dublin on Tuesday he said Ireland expected to make a substantial contribution to the competitiveness agenda during its presidency of the Council of the European Union next year. Mr Byrne, who is Minister of State for European Affairs and Defence, said enhancing European competitiveness would be 'a major focus of work at EU level in the time ahead'. 'With our European partners, we will work to close the innovation gap.' READ MORE 'We have been engaging intensively on the new commission's proposals, which build on the analysis, in the Letta and Draghi reports.' 'We also consider a properly functioning single market, particularly for services, to be fundamental to Europe's long-term competitiveness.' Mr Byrne said a central aspect of Ireland's work, during it European Union (EU) presidency from July 2026 would relate to the negotiation of the next multiannual financial framework. 'In preparing that budgetary framework, the EU will be setting out an ambitious collective agenda, for how we want to develop Europe for the next decade.' 'We know that EU member states want a multiannual financial framework that reflects the needs of citizens, maintains continuity and predictability, and delivers on the overall ambition of fostering a competitive and secure Europe.' 'Ireland will play our role in steering negotiations towards that objective.' 100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off' Listen | 42:49 Tánaiste and Minister for Foreign Affairs and Trade Simon Harris told the same conference that the Government had started developing a detailed action plan for trade diversification in light of current challenges. He said this would 'seek to identify new opportunities and alternative markets for Irish goods, working closely with our embassies and state bodies abroad'. 'This will be accompanied by a sustained focus on competitiveness, supporting efforts at EU level, and also driving competitiveness domestically in support of Irish businesses, investment in Ireland, jobs and our continued prosperity.' Mr Harris said the most pressing risks to the Irish economy were 'external in nature'. He said these included risks related to increased trade protectionism and weaker than expected demand in our main trading partners. 'This has been a tumultuous period for those engaged in international trade arising from the actions of the US administration.' Mr Harris said the US-Ireland economic relationship benefited people, on both sides of the Atlantic, creating good jobs, strong communities, and stability and prosperity more generally. He said there was 'no justification for tariffs imposed by the US administration on its trading partners, including EU exports'. 'Tariffs are counterproductive; they drive inflation and hurt consumers on all sides.' 'We want trade issues to be resolved through substantive, calm, measured dialogue with the United States.' 'All sides need to engage in good faith because uncertainty and turmoil is not the way forward.' He said EU unity was crucial on this issue but people had underestimated the capability of European Union member states to stand together in previous crises such as in relation to Brexit, Covid and Ukraine. 'The Irish Government strongly supports the approach being pursued by European Commission President von der Leyen and the Trade Commissioner Maroš Šefčovič', he said.
