Good Morning ,
PAKISTAN MOVES TO LEGALIZE CRYPTO AS GOVERNMENT SIGNALS SHIFT IN FINANCIAL POLICY
Pakistan moves to legalize crypto as the government proposes amendments to the SBP Act, signaling a shift in its financial policy.
According to a report by The Express Tribune, the amendments would allow the SBP to issue digital currency and manage the country’s money in both physical and digital forms.
The amendments also include the proposal to grant the SBP power to conduct “central bank digital currency” business, adding that CBDCs could operate as a legal tender. Moreover, the SBP plans to establish a subsidiary to develop and operate digital payment systems, the report reads.
Historically, Pakistan’s central bank has categorized cryptocurrencies like Bitcoin (BTC) as illegal tender, issuing warnings about the associated risks. The central bank specifically highlighted the lack of legal protections for financial losses resulting from the high volatility of cryptocurrencies.
The proposed amendments introduce penalties for the unauthorized issuance of digital currencies, imposing fines equal to twice the value of any illegal currency created, per the report.
While no specific timeline has been announced for federal cabinet approval of the amendments, these changes could shift the narrative toward regulatory oversight and the integration of digital currencies into Pakistan’s financial framework. The amendments would also expand the SBP board’s authority, enabling it to approve a wider range of financial reports and enhance governance processes.
@ Newshounds News™
Source: Crypto News
~~~~~~~~~
KRAKEN LAUNCHES LICENSED CRYPTO DERIVATIVES IN AUSTRALIA
Kraken expands into Australia’s crypto derivatives market with a regulated broker service for wholesale investors.
Kraken, a centralized cryptocurrency exchange, introduced a licensed brokerage service in Australia targeting wholesale clients and designed to meet the needs of institutional and large-scale investors.
The new service offers Australian clients crypto-based derivatives trading, a financial product tied to cryptocurrency prices without requiring direct ownership of digital assets.
Eligible clients have been able to trade crypto-based derivatives via Kraken’s platform since Nov. 3. Interested clients can apply or check their eligibility for the service through the Kraken Pro app.
The launch of Kraken’s new Australian-targeted broker service demonstrates the exchange’s move toward regulatory compliance, preparing it to handle potential institutional liquidity inflows.
New service offering details
Kraken’s new product, available through its Australian financial services-licensed broker, allows clients to access multiple crypto options with multi-collateral support.
The suite of derivatives includes features like collateral flexibility, supporting fiat, stablecoins and other cryptocurrencies, while offering risk management tools and trading strategies designed to enhance asset security.
Despite the new service’s potential advantages, Kraken warned investors of the high risks associated with some crypto derivatives in which losses can “substantially” exceed initial investments.
Kraken commitment to compliance
The exchange’s expansion into the Australian wholesale derivatives market is the latest step in aligning with local regulatory requirements.
In the launch announcement, Jonathan Miller, Kraken’s general manager for Australia, said that Australian wholesale clients are seeking an option “to execute advanced trading strategies using a licensed broker.”
Miller added that the country has been a “cornerstone” of the exchange’s global operation and expressed Kraken’s commitment to regulatory compliance while unlocking “institutional demand for crypto assets.”
Kraken to launch Ink blockchain in 2025
Kraken’s plans to launch its own blockchain in early 2025, dubbed “Ink,” were revealed in a Bloomberg report in Oct 24..
The report said that the new blockchain aims to allow users to trade, borrow and lend tokens without intermediaries while simplifying the decentralized finance (DeFi) process.
Ink signals Kraken’s step away from its current position in crypto and toward Web3 and decentralization principles as it bids to make DeFi more accessible and cost-effective for users.
@ Newshounds News™
Source: CoinTelegraph
~~~~~~~~~
🌱 WARREN BUFFETT PREFERS CASH AND WHY | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
Newshound’s Podcast Link
Newshound’s News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Newsletter
