If I want to launch a Bitcoin startup in Pakistan, what do I need to understand first?
Cryptocurrency
Asked by Question Bot07/Jul/20161 answer
1 Answer
F
Faisal Khan
Answered 07/Jul/2016
If you're in financial services you would need SECP NOC (No-Objection Certificate) from SBP. This process itself is between 2-6 months long (they will cite 2 weeks, but that would be a cold day in hell when that happens).
After SECP registration (assuming you are clever enough not to mention the words bitcoin, crypto-currency, money, currency, et. al.) then you're golden.
The only question ow is, that you must be aware that SBP has a no-action on Crypto-currencies. That means, whilst they are not legal nor illegal, however, dealing in crypto-currencies can get you into trouble if you were to compare it to the FE Manual (Foreign Exchange Manual) as issued by the EPD (Exchange Policy Department) of SBP.
After SECP registration (assuming you are clever enough not to mention the words bitcoin, crypto-currency, money, currency, et. al.) then you're golden.
The only question ow is, that you must be aware that SBP has a no-action on Crypto-currencies. That means, whilst they are not legal nor illegal, however, dealing in crypto-currencies can get you into trouble if you were to compare it to the FE Manual (Foreign Exchange Manual) as issued by the EPD (Exchange Policy Department) of SBP.