Pakistani crypto exchange RAIN has urged the country’s finance ministry to regulate and impose a 15% tax on cryptocurrencies, local media reported.

See related article: Pakistan takes a fresh look at cryptocurrency

Fast facts

  • RAIN told regulators that Pakistan can earn roughly US$90 million in taxes through a capital gains tax on cryptocurrency assets, according to the local media report.
  • RAIN General Manager Zeeshan Ahmed claimed that other countries, like India and the U.S., are earning billions of dollars in taxes. Those claims could not be independently verified.
  • Pakistan should also consider legalizing crypto transactions, placing the industry under regulations, Ahmed said. 
  • The country’s authorities haven’t yet announced an outright ban on crypto.
  • The State Bank of Pakistan has repeatedly called for caution, asking the country’s financial institutions to not facilitate transactions in virtual currencies/initial coin offerings (ICOs) and tokens.

See related article: Pakistani central bank echoes RBI’s concerns over crypto