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A positions paper published by the Securities and Exchange Commission of Pakistan (SECP) highlighting necessary measures for a seamless digital trading experience impressed India’s Crypto Players.
The SECP released a paper that asked for improvements in the current regulations for the cryptocurrency trading platforms. The current regulations were regarded as stifling and excessive. Major league crypto players applauded this claim and agree that the current regulations that are imposed on all cryptocurrency trading platforms in the countries.
Two possible approaches that Pakistan could implement in the current regulations are proposed in the paper. The first approach is what is currently implemented in the system which requires the implementation of the current regulations to the new products that are being introduced in the market. This will also lead to the banning of certain items if they do not comply with the regulations of the country. This approach forces suppliers to comply with the countries regulations.
This paper proposes a second approach to the regulations which is the do-not-harm approach which is provided by the Commodity Futures Trading Commission (CFTC). This approach files against the overregulated and stifling trading environment. The paper highlight the urgency of innovations that are required in the current financial sector.
The paper addresses the difference between utility tokens and security tokens and talks about the differences in the ledgers of real assets and tokenized assets. Insurance of real traditional assets as tokenized assets will introduce a number of additional benefits to the investors. Some advantages that are highlighted in the paper include transparency, increased protection to stop duplications, etc. It also adds the benefit of increased profits as the cost of mediators will be cut off completely.
The regulatory measures for the digital asset, namely cryptocurrencies, taken by the emerging markets of Thailand, Japan, and Australia, amongst others are also discussed in the paper. The discussion highlights the regulatory measures taken by those countries that ensure a safe trading environment as well as allow traders the freedom that the current regulations in Pakistan lack.
This introduced approach was highly acclaimed by the Indian crypto players and demand that the same regulatory adjustments should also be implemented in the Indian system.
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