Islamabad:
The Senate Finance Committee, raised serious concerns about cryptocurrency deals, tax pressures, money laundering and customs paper, since legislators discussed the draft Law on Virtual Assets proposed 2025.
Chaired by Senator Salem Mandviwalo, the committee heard revelations that most cryptographic transactions in the country are being carried out through the Sinki and Hawala channels. Pakistan now occupies the eighth place worldwide in terms of cryptographic investment of citizens, Mandviwalla revealed.
The Secretary of Finance, Imdadullah Bosal, admitted that until now, Pakistan did not have a regulatory framework for virtual assets, but said that the government was introducing new rules to guarantee transparency.
Senator Mohsin Aziz issued a more alarming warning: cryptocurrency was increasingly used in cases of kidnapping for Ransom in Pakistan. He said that kidnappers demanded rescue in digital currency instead of cash, a trend that could intensify the risks of money laundering.
During the meeting, Senator Dilawar Khan criticized the tax regime complex, arguing that multiple taxes were crushing the public. He suggested that a 5% uniform tax throughout the country could boost 40% collection despite the lowest rate.
Senator Anusha Rahman expressed strong complaints about corruption in customs, saying that people were routinely extorted at 23 control points between Quetta and Taftan. “If the customs gave adequate facilitation, such complaints would not arise,” he said.
A law consultant informed the Committee that the 2025 Virtual Assets Law would create an independent supervision board, while the Vice Governor of the State Bank clarified that cryptocurrencies currently falls into a legal “gray, but not illegal zone. He added that young Pakistani have shown a remarkable experience in the use of digital currencies.
