Regulation
Pakistan unveils new ‘crypto council’ amid push for regulation
- Pakistan wants to streamline crypto regulation and oversight.
- The Pakistan Crypto Council (PCC) will help align the country’s crypto ecosystem with global trends.
Pakistan has established the Pakistan Crypto Council (PCC) to oversee the adoption and regulation of blockchain technology and digital assets.
According to details, the PCC will help advance crypto adoption within the country’s financial ecosystem.
Senator Muhammad Aurangzeb, Pakistan’s Finance Minister will chair the PCC, with the team including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries.
At a February meeting on digital assets, Aurangzeb emphasized the significance of Pakistan developing a well-regulated digital asset framework. According to the government, this is what will align the country with international best practices. This will also add to compliance with the Financial Action Task Force (FATF) guidelines.
This and the announcement on March 15 signals a dramatic reversal from the nation’s prior stance, which barred cryptocurrency due to concerns over money laundering and terror financing.
Amid this latest move, Pakistan looks focused on becoming one of the crypto innovation and adoption hubs.
Pakistan’s shift comes as the country ranks among the top nations for crypto adoption, boasting approximately 20 million active users and over $20 billion in transactions annually.
The nation’s $35 billion remittance market stands to gain significantly from this pivot.
It’s one of PCC’s agenda that the country moves towards crafting clear regulatory guidelines, collaborating with global blockchain entities, and prioritizing consumer protection and financial security through a strong legal framework.
Pakistan eyes clear crypto framework
Pakistan is taking the big move follows Saqib’s appointment, which the Ministry of Finance hailed as “a significant step forward.”
Together, these initiatives will help harness digital currencies’ potential while mitigating risks. The PCC mandate seeks to balance innovation with accountability, aligning Pakistan with international trends in digital finance and reinforcing its economic ambitions on the world stage.
Across the globe, the United States recently created a strategic bitcoin reserve, held an inaugural White House crypto summit and has new pro-crypto leadership at key government agencies.
Meanwhile, the European Union’s Markets in Crypto-Assets (MiCA) is in full effect and Russia is reportedly tapping into crypto for oil trade.
The Federal Deposit Insurance Commission (FDIC) has filed a response to Coinbase’s request for information under the Freedom of Information Act (FOIA). Coinbase says the response is far from sufficient as it pledges to heighten its quest for additional information.
Coinbase Takes Swipes At FDIC’s Response To FOIA Request
Following a FOIA request filed by US-based cryptocurrency exchange Coinbase, the FDIC has released a raft of documents. However, Coinbase Chief Legal Officer Paul Grewal disclosed that the documents released by the FDIC contain too little information.
Grewal took to X (formerly Twitter) to criticize the FDIC for dragging its feet to release necessary information. According to the FOIA filing, Coinbase is seeking information into the FDIC’s role in Operation Choke Point 2.0 and the “debanking of crypto companies.”
Grewal notes that the FDIC is withholding information, particularly regarding its conduct of due diligence to ensure that Operation Chokepoint 2.0 documents remain preserved. Coinbase has filed a similar
The executive disclosed that the latest batch of documents contained several redactions that revealed “much too little, much too late.”
“They removed a few redactions, produced a few more documents, and promised another “renewed search” for other documents,” said Grewal.
The US SEC Has To File Its Own Response To FOIA Requests
Coinbase has extended its crusade against regulators by filing a FOIA request against the SEC. According to the filing, Coinbase is seeking clarification over the cost of the SEC’s enforcement actions against cryptocurrency companies.
“The previous SEC spent four years attacking a lawful industry, and American taxpayers were left holding the bill,” read a statement. “How much did you end up paying? We intend to find out.”
Pundits say the SEC’s enforcement actions against heavy hitters in the industry could cost millions of dollars. Furthermore, a reliance on third-party contractors by the SEC in the cases are expected to drive up the bill.
Coinbase’s request comes on the heels of high-profile case dismissals against cryptocurrency service providers. The SEC’s dismissal of Kraken’s case and the lawsuit against Coinbase are considered a monumental waste of public resources by the securities watchdog.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Ripple has secured a major license in the Middle East after getting regulatory nod from the Dubai Financial Services Authority (DFSA).
- The license allows Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).
Ripple announced on March 13, 2025 that it had secured a major license in the Middle East.
The Dubai Financial Services Authority (DFSA) has greenlit Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).
Ripple becomes the first blockchain-enabled payments provider to snag this crucial DFSA license.
Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA), making us the first blockchain payments provider licensed in the DIFC. https://t.co/6oHWtnjODr
This milestone unlocks fully regulated cross-border crypto payments in the UAE, bringing…
— Ripple (@Ripple) March 13, 2025
Ripple secures license in Middle East milestone
This DFSA approval marks another of Ripple’s footprint in the Middle East, with this adding to a presence that includes major partnerships in the region.
It enhances the XRP creator’s recognition and aligns with Ripple’s plans to add to its global customer base. The license also means a potentially massive opportunity for XRP adoption.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Brad Garlinghouse, chief executive officer of Ripple. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
A 2024 Ripple survey found 64% of finance leaders in the Middle East and Africa (MEA) see faster payments as the killer app for blockchain-based currencies. No surprise, then, that over 82% of MEA finance bosses say they’re “very or extremely confident” about integrating this tech into their operations.
“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s managing director for Middle East and Africa.
Merrick added;
“Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs.”
This license will be great for Ripple’s stablecoin RLUSD, which the company launched late last year. Like other stablecoins, RLUSD could supercharge crypto adoption in the UAE, with users accessing real-time settlement for cross-border payments and remittances.
OKX crypto exchange has acquired a Markets in Financial Instruments Directive (MiFID II) license by acquiring a Malta-licensed entity. This move allows the company to introduce regulated derivative products and services for institutional clients across the European Economic Area (EEA), pending Malta Financial Services Authority (MFSA) approval.
The regulation news was made during an exclusive event on Manoel Island, Malta, as part of OKX’s strategy to strengthen its presence in the European market.
OKX Acquires MiFID II License To Expand In Europe
According to a recent announcement, OKX secured a MiFID II license through the acquisition of a Malta-based firm that holds the regulatory approval. The entity will become operational later this year after receiving clearance from the Malta Financial Services Authority (MFSA).
The MiFID II license will allow OKX to introduce regulated derivatives and investment solutions for institutional clients across the EEA. This move will enhance institutional market access while maintaining compliance with European financial regulations.
Previously, OKX received a full Markets in Crypto-Assets (MiCA) license, enabling the exchange to provide localized crypto trading services across 30 EU member states. The MiCA license supports various offerings, including spot trading, over-the-counter (OTC) trading, and automated trading solutions.
Amid these regulation news, earlier this month, top crypto exchange Binance announced that it would be delisting all non-MiCA-compliant stablecoin trading pairs for users in the EEA.
Institutional Offerings With Regulatory Compliance
OKX’s expansion under MiFID II aims to align digital assets with traditional financial markets. The company intends to provide institutional-grade services that meet European compliance standards. The newly acquired license will help OKX partner with tier-one financial institutions and introduce new regulated investment products.
With the MiFID II approval, OKX plans to integrate additional risk management features and trading solutions tailored for institutional investors. The exchange seeks to offer advanced derivatives products while ensuring security in line with European regulations.
Additionally, OKX’s institutional clients will gain access to new derivatives trading services under the MiFID II license. The platform currently supports trading for over 240 cryptocurrency tokens, 300 trading pairs, and 60 euro-based trading pairs.
Concurrently, the top crypto exchange plans to expand its fiat on-ramp options. The company allows users to deposit and withdraw euros at no cost through bank transfers while supporting card payments and other local payment methods.
More so, the exchange’s website and mobile app are designed to support local languages, currency displays, and customer service tailored to each European market. The company is set to introduce more localized services, including streamlined Know Your Customer (KYC) processes.
Reacting to the regulation news, Erald Ghoos, OKX Europe CEO added,
“With this license, we are set to deliver institutional-grade services, partner with tier 1 financial institutions, and offer regulated investment solutions that enhance market access and empower investors across the continent.”
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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