Crypto▼ Bearish
Pakistan's SECP Sets Sept 5 Crypto Registration Deadline or Shutdown
Pakistan's SECP ordered all crypto firms to register by Sept. 5 or face fines and shutdown. Industry group PVARA says the criteria remain unclear, leaving firms scrambling to comply.
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The Securities and Exchange Commission of Pakistan has ordered every cryptocurrency business operating in the country to register by Sept. 5. Companies that miss the deadline face fines or forced closure, the commission said.
The mandate covers exchanges and wallet providers. The commission said the goal was to increase transparency and prevent money laundering. The Pakistan Virtual Assets and Real Estate Association, an industry group, said the Sept. 5 deadline was tight. The group said the SECP had not published detailed criteria for registration, leaving firms to guess what documents to file.
Some firms welcomed the mandate. Registration brings legitimacy, they said, and could attract institutional investors. Others said the timeline was unrealistic without clear guidance. Smaller firms are the most exposed, industry participants said. They lack the legal and compliance resources to handle an unclear process quickly.