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Pakistan May Collect $90 Million in Taxes Annually on Cryptocurrency Transactions

Pakistan could generate at least $90 million in tax revenue per year if authorities levied a 15% tax on crypto transactions, an executive of a crypto exchange has said.

The CEO of cryptocurrency exchange Rain Financial Inc, Zeeshan Ahmed said Islamabad (the capital of Pakistan) could generate at least $90 million in tax revenue if the authorities decide to levy a 15% tax for cryptocurrency transactions. This would be possible if Pakistan adopted what a recent report called “hard and fast regulations”.

In comments published by The International News, Ahmed claimed that Pakistan’s neighbors India and the United States received billions of dollars in taxes. He say:

The United States and India are collecting billions of dollars through a 30% tax on profits earned from cryptocurrency trading. We can start with a tax rate of 15 percent.

The Role of Cryptocurrencies in the Pakistani Economy

Ahmed’s statement was also supported by, Aatiqa Lateef, co-CEO of cryptocurrency exchange Rain Financial. Speaking at the same event, where attendees discussed the role crypto assets play in the economy, Lateef suggested that his company is playing its part in helping to change the perception of crypto-assets. cryptocurrency regulators.

We are in regular contact with all regulators including SBP, PTA, FBR and others and will stand ready to assist them,” explains Lateef. He added that the Pakistani government has since established committees to discuss different regulatory scenarios. The committees are also expected to recommend available policy options.

Meanwhile, Lateef acknowledged that it could take 12 to 18 months before the Pakistani government makes a decision. One of the reasons for this could be due to the incompetence or inability of regulatory bodies to regulate the crypto industry. However, with the support of crypto companies like Rain, Pakistan can overcome the challenges, Lateef said.