ICMAP Proposes Crypto Adoption Framework
Staff Report
Karachi: The Institute of Cost and Management Accountants of Pakistan (ICMAP), has proposed a comprehensive crypto adoption framework and CBDC Launch Plan to Government.
It has introduced a Four-Pillar Framework to adopt cryptocurrencies in Pakistan. It also outlines a strategic Central Bank Digital Currency (CBDC) Development and Regulatory Launch Plan.
The proposal is aimed at consideration by the Pakistan Crypto Council (PCC) and relevant policymakers to facilitate a secure and well-regulated digital financial ecosystem.
ICMAP’s proposal is going to serve as a much-needed foundation for Pakistan’s policy direction. The Four-Pillar Framework has focused on key dimensions that are necessary for crypto integration.
Each is backed by international case studies to guide implementation. It also emphasizes the creation of a clear regulatory framework and the need for robust, transparent, and internationally aligned regulations.crypto council announcement
This includes full compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) measures.
The second pillar focusses on global crypto and blockchain standards and stresses Pakistan to actively engage with international standard-setting bodies to adopt best practices to ensure credibility and innovation.
It also involves the appropriate classification of digital assets and controls for digital asset transactions. It also encourages blockchain innovation.
The third pillar focusses on active industry-government collaboration to encourage responsible innovation. It also highlights the close coordination between regulators and industry stakeholders to strike a balance between enabling innovation and safeguarding the economy.
The fourth and final pillar stresses on the importance of consumer protection and financial stability and recommends clear and enforceable measures to protect the consumers from abuse.
