A Pakistan-based crypto exchange, RAIN advised the country’s financial regulatory authority to impose a 15% tax on cryptocurrencies.
According to the crypto exchange, by imposing a tax on digital assets Pakistan can collect approximately $90 million in taxes. This can help the country’s latest government to recover the country’s shattered economy.
It seems like the move is inspired by the neighboring country India. Recently, India imposed a 30% tax on crypto transactions in the country.
“Cryptocurrency or crypto assets, as they are called differently in various jurisdictions, have been largely adopted by advanced economies,” said Aatiqa Lateef, the director of Public Policy at RAIN.
Zeeshan Ahmed, general manager of RAIN highlighted that countries like the US and India are fetching billions of dollars from crypto taxes. He stated that Pakistan should recognize cryptocurrency transactions as legal and allow them to operate under the rules.
In a local media interview, Ahmed also revealed that the government could take 12 to 18 months to make a decision over the crypto taxes in the country.
