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Pakistan greenlights independent regulator to oversee digital assets ecosystem

Pakistan greenlights independent regulator to oversee digital assets ecosystem
This illustration photograph taken on July 19, 2021 in Istanbul shows a physical banknote and coin imitations of the Bitcoin crypto currency. (AFP/File)
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Updated 12 min 57 sec ago

Pakistan greenlights independent regulator to oversee digital assets ecosystem

Pakistan greenlights independent regulator to oversee digital assets ecosystem
  • Authority to operate as regulator dedicated to licensing, monitoring, supervising virtual asset providers
  • Pakistan previously banned cryptocurrency transactions in 2018, citing financial risks and lack of regulation

ISLAMABAD: The federal cabinet this week approved the summary to create the Pakistan Virtual Assets Regulatory Authority (PVARA),the office of the minister of state on blockchain and crypto said, describing it a “landmark step” to oversee the country’s rapidly growing digital assets ecosystem. 

The development takes place less than four months after the government set up the Pakistan Crypto Council (PCC) in March to create a legal framework for cryptocurrency trading to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan while in May, Islamabad also unveiled the country’s first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas.

The office of the minister of state for blockchain and cryptocurrency described the cabinet’s approval as a “landmark step” toward establishing a comprehensive legal and institutional framework to oversee the country’s rapidly growing digital assets ecosystem. 

“The proposed authority will operate as an independent regulator dedicated to licensing, monitoring, and supervising virtual asset service providers (VASPs), while ensuring full alignment with Financial Action Task Force (FATF) guidelines and international best practices,” the statement said on Monday. 

It added that the authority will also oversee public protection mechanisms, anti-money laundering protocols and cyber risk mitigation across virtual asset transactions within the country.

The statement said the government’s coordinated approach, combining sovereign asset reserves, surplus energy deployment and robust regulation, reflects Pakistan’s ambition to become a “digital assets hub” in South Asia.

“By building trust, attracting foreign investment, and fostering innovation in the blockchain sector, Pakistan is setting the foundations for a secure, inclusive, and future-proof digital economy,” the state minister’s office said. 

It described Pakistan as being among the world’s “promising” frontier markets for digital assets, saying it has over 40 million crypto users and an estimated annual trading volume of $300 billion which was occurring through informal channels as per industry sources. 

Pakistan’s move to adopt digital currency is a significant shift for it, considering it had previously banned cryptocurrency transactions in 2018 citing financial risks and lack of regulation. 


Bangladesh warms to China, Pakistan after revolution as India fumes

Bangladesh warms to China, Pakistan after revolution as India fumes
Updated 30 sec ago

Bangladesh warms to China, Pakistan after revolution as India fumes

Bangladesh warms to China, Pakistan after revolution as India fumes
  • There is deep resentment in Dhaka over fugitive ex-PM Hasina, who escaped uprising in August and flew to New Delhi
  • India has long been wary of China’s growing regional clout as both nations compete for influence in South Asia region

DHAKA, Bangladesh: Protests in Bangladesh that toppled the government last year triggered a diplomatic pivot, with Dhaka warming toward China after neighboring India was angered by the ousting of its old ally Sheikh Hasina.

One year since the protests, that realignment risks intensifying polarization — and fears of external interference — as political parties in Bangladesh jostle for influence ahead of elections next year.

For the caretaker government, seeking domestic consensus for overhauling democratic institutions in the country of 170 million people, it is another challenge to juggle.

“India-Bangladesh relations have probably never experienced such intense strain before,” said New Delhi-based analyst Praveen Donthi, from the International Crisis Group.

There is deep resentment in Dhaka over the fate of fugitive ex-prime minister Hasina, who escaped a student-led uprising by helicopter in August 2024 and flew to New Delhi as thousands of protesters stormed her palace.

Interim leader Muhammad Yunus said popular anger in Muslim-majority Bangladesh had been “transferred over to India” because Hasina was offered sanctuary by New Delhi’s Hindu nationalist government.

Hasina, 77, has defied extradition orders to attend her crimes against humanity trial, and has already been convicted in absentia for contempt of court with a six-month sentence.

Md Touhid Hossain, who heads Bangladesh’s foreign ministry, said that “the relationship is now at the readjustment stage.”

Nobel Peace Prize winner Yunus’s first state visit was to China in March, a trip that saw him secure $2.1 billion in investments, loans and grants.

Beijing has also courted leading politicians directly.

Mirza Fakhrul Islam Alamgir, a senior leader of the Bangladesh Nationalist Party (BNP) — the expected election frontrunner — said China is “keen” to work with the next elected government with “sincerity, steadfastness, love, and affection.”

India has long been wary of China’s growing regional clout and the world’s two most populous countries compete for influence in South Asia, despite a recent diplomatic thaw.

Bangladesh has also moved closer to Pakistan, India’s arch-enemy.

In May, more than 70 people were killed in four days of missile, drone and artillery fire between the forces of New Delhi and Islamabad, sparked by a deadly militant attack on civilians in India-administered Kashmir.

The following month, officials from Dhaka and Islamabad met counterparts in China.

Chinese foreign ministry spokesperson Guo Jiakun said the trio had agreed to “cooperation programs” including in trade, industry, education and agriculture.

Obaidul Haque, who teaches international relations at the University of Dhaka, said talks with Beijing had “borne fruit,” including alternative health care after once popular medical tourism to India was restricted.

“For example, China designated three hospitals for Bangladeshi patients when India made access difficult,” he said.

Bangladesh and Pakistan — which split in 1971 after Dhaka’s independence war — began trade by sea last year, with direct flights also slated.

That sparked worry in New Delhi.

“The current Indian political leadership, owing to its ideological foundations... are unwilling to accept Dhaka under a government they perceive as Islamist and hostile toward India,” Donthi said.

“The visible engagement between Dhaka, Islamabad, and Beijing enhances this perception further.”

Both New Delhi and Bangladesh have imposed trade restrictions on each other.

India, which encircles much of Bangladesh by land, has imposed multiple trade restrictions — including tightening rules on Indian imports of jute fibers, ready-made garments, plastic products and food.

But trade between the neighboring nations remains high, said Md Humayun Kabir, a former Bangladeshi ambassador to Washington, who has also served in India.

But he urged caution, saying Dhaka should “tread carefully forming alliances,” and seek to strengthen “multilateral relations” as a balance.

“Cooperation still exists between the countries, but the warmth is gone,” he said.

Separately, Bangladesh, the world’s second-largest garment exporter, has also been caught in the global shakeup caused by US President Donald Trump’s tariffs.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, with Yunus in June telling US Secretary of State Marco Rubio of his “commitment to strengthening” ties.

But in terms of regional tensions, analysts say little will change soon — and warn they have the potential to escalate.

“Things might change only if New Delhi is satisfied with the electoral process and sees somebody amenable to it come to power in Dhaka,” the Crisis Group’s Donthi added.

“It is very unlikely that their position will change toward the current government in Dhaka,” he said.

“There may be attempts to undermine it rather than to collaborate.”


Pakistan to participate in over 120 expos this fiscal year, prioritizing Gulf events

Pakistan to participate in over 120 expos this fiscal year, prioritizing Gulf events
Updated 41 min 8 sec ago

Pakistan to participate in over 120 expos this fiscal year, prioritizing Gulf events

Pakistan to participate in over 120 expos this fiscal year, prioritizing Gulf events
  • Pakistan has been actively participating in international expos to showcase products, services from its growing sectors
  • Last year, Pakistani companies struck deals worth multi-million dollars at key exhibitions across the Arab Gulf region

ISLAMABAD: The Trade Development Authority of Pakistan (TDAP) will participate in over 120 international exhibitions to boost exports and foreign investment as part of its business plan this fiscal year, the Pakistani commerce ministry said on Monday, with a major focus on Gulf states.

Pakistan has been actively participating in international exhibitions to attract customers by showcasing products and services from its growing sectors like information technology (IT), health care, food and engineering. The country recently participated in the Arab Health, Gulfood and AI Everything exhibitions, highlighting its ambition to promote “Made-in-Pakistan” products, forge business-to-business (B2B) partnerships, and tap into new trade opportunities.

Gulf states present a key export opportunity for Pakistani businesses, given their strong consumer demand and large expatriate workforce, and Pakistani companies last year secured millions of dollars in joint ventures, investments and business collaborations during their participation in exhibitions across the Gulf Cooperation Council (GCC) countries.

Abdullah Ghauri, a section officer to the TDAP secretary, said that participants of a meeting of the TDAP board, presided over by Commerce Minister Jam Kamal Khan, on Monday placed a special focus on ensuring Pakistan’s participation in all key trade events across the Gulf countries.

“We participated in 23 exhibitions and expos last year, majority of them in ֱ, United Arab Emirates (UAE) and Qatar,” he told Arab News.

“Out of a target of 120 exhibitions, the participation in last year’s 23 major events across the Gulf states remains a key priority, subject to possible adjustments depending on the circumstances.”

Monday’s TDAP board meeting gave approvals for various strategic initiatives to enhance the country’s export competitiveness and trade facilitation in the financial year 2025–26 which began on July 1, according to the commerce ministry.

The annual business plan included Pakistan’s participation in over 120 exhibitions, along with “Made-in-Pakistan” exhibitions in Ethiopia, Bangladesh and other countries.

Ghauri said this year’s calendar would be published within a week with exact details of the events, adding that information technology (IT), agri-based products, hospitality and services, and infrastructure development would be among major areas of focus.

Pakistan’s IT sector is a priority area for the government to boost export revenues and stabilizing external accounts and Islamabad expects it to reach $4 billion this fiscal year under the “Uraan Pakistan” initiative, which aims to raise IT exports to $10 billion by 2029.

The TDAP board endorsed measures to promote greater participation of women entrepreneurs in international trade exhibitions, according to the commerce ministry.

“The Minister for Commerce stressed the importance of shifting Pakistan’s export focus toward emerging international markets instead of relying solely on traditional destinations,” the ministry said, adding that this approach would help diversify export avenues and reduce dependency on limited regions.

The commerce minister also called for the induction of dedicated researchers within TDAP to conduct sector-specific studies and provide data-driven insights to strengthen the authority’s planning and policy support capabilities.


Pakistan among 12 countries records hottest June ever — analysis

Pakistan among 12 countries records hottest June ever — analysis
Updated 07 July 2025

Pakistan among 12 countries records hottest June ever — analysis

Pakistan among 12 countries records hottest June ever — analysis
  • Some 790 million people around Europe, Asia and Africa experienced their hottest June till date
  • For 26 other states, including Britain, China and France, the month was second hottest on record

PARIS: From Nigeria to Japan, Pakistan to Spain, the month of June was the hottest ever recorded in 12 countries and was exceptionally warm in 26 other countries, according to AFP analysis of data from the European monitor Copernicus.

Some 790 million people around Europe, Asia and Africa experienced their hottest June to date. For the residents of 26 other states, including Britain, China, France, Democratic Republic of Congo and Ethiopia, the month of June was the second hottest on record.

Heatwaves are more frequent and intense because of global warming, experts say. Here is a roundup of the exceptional heat recorded in June:

An early summer heatwave scorched western and southern Europe at the end of June, bringing sweltering heat to the Paris region in France and parts of Belgium and the Netherlands that are not used to such temperatures.

Around 15 countries, including Switzerland, Italy, and every Balkan state, saw temperatures rise to three degrees Celsius above the June average between 1981 and 2010. Spain, Bosnia, and Montenegro had their hottest June to date.

Japan also had its hottest June on record since data collection began in 1898, with record temperatures logged in 14 cities during a heatwave. The temperature of coastal waters was 1.2°C higher than usual, tying with June 2024 for the highest since data collection began in 1982, the weather agency said on 1 July.

Japan’s summer last year was already the joint hottest on record, equalling the level seen in 2023, followed by the warmest autumn since records began 126 years ago. Japan’s beloved cherry trees are blooming earlier due to the warmer climate, or sometimes not fully blossoming because autumns and winters are not cold enough to trigger flowering, experts say.

South Korea and North Korea also experienced their warmest June since records began. Temperatures in both countries were 2°C higher than the recorded average.

In China, 102 weather stations logged the hottest-ever June day, with some measuring temperatures above 40°C, according to state media.

Temperatures soared to record highs for June in Pakistan, home to a population of 250 million, and in Tajikistan, which has 10 million people. The June records followed an exceptionally hot spring in Central Asia. Several countries including Pakistan and Tajikistan, Iran, Afghanistan, Uzbekistan and Kyrgyzstan experienced their warmest spring (April-June) ever recorded.

In Nigeria, the world’s sixth most populous country with 230 million people, temperatures rose to June 2024’s record-breaking levels.

Other parts of central and eastern Africa were also exceptionally hot. June was the second hottest month on record after 2024 in the Central African Republic, South Sudan, Cameroon, Democratic Republic of Congo and Ethiopia.

In South Sudan, temperatures passed the normal June average by 2.1°C, an exceptional deviation from the norm in a region of the world where temperatures tend to be more stable. The impoverished nation plagued by insecurity is ill-equipped to counter increasing environmental disasters and had already struggled with a devastating heatwave in March, typically the hottest month of the year. Students collapsing from the heat in the capital Juba prompted the government to close schools and order citizens to remain at home.

“Extreme weather and climate change impacts are hitting every single aspect of socio-economic development in Africa and exacerbating hunger, insecurity and displacement,” warned the UN World Meteorological Organization (WMO) in May.


Islamabad hosts first additional secretary-level talks with Afghanistan to boost ties

Islamabad hosts first additional secretary-level talks with Afghanistan to boost ties
Updated 07 July 2025

Islamabad hosts first additional secretary-level talks with Afghanistan to boost ties

Islamabad hosts first additional secretary-level talks with Afghanistan to boost ties
  • The talks follow a meeting between Pakistani, Afghan and Chinese foreign ministers in Beijing, after which Kabul and Islamabad upgraded their diplomatic ties
  • Pakistan, Afghanistan have had rocky relations mainly due to a spike in militancy in Pakistan’s western regions and Islamabad’s drive to expel Afghan nationals

ISLAMABAD: Pakistani and Afghan officials on Monday held an inaugural round of the additional secretary-level talks in Islamabad to discuss trade, visa, security, connectivity and refugee issues, amid a thaw in relations between the two neighbors.

The development comes weeks after a meeting of the Pakistani, Afghan and Chinese foreign ministers in Beijing, after which FM Wang Yi had said that Islamabad and Kabul had expressed a willingness to elevate their diplomatic relations. It was followed by the upgradation of the diplomatic representation of the two countries to the ambassador’s rank.

Pakistan and Afghanistan have had rocky relations mainly due to a spike in militancy in Pakistan’s western regions that border Afghanistan, following the Taliban’s takeover of Kabul in 2021. Islamabad says anti-Pakistan militants carry out cross-border attacks using safe havens in Afghanistan, a charge Kabul denies. Another source of tension has been Pakistan’s drive to expel Afghans, which first began in Nov. 2023.

The two sides held the inaugural additional secretary-level talks, pursuant to the decisions reached during the visit of Pakistan’s Deputy Prime Minister Ishaq Dar to Kabul in April, during which he had held meetings with top Afghan leadership that encompassed peace and security, people-to-people contacts, and trade and economic cooperation, according to the Pakistani foreign office.

“Both sides recognized terrorism as a serious threat to regional peace and security. The Pakistani side emphasized the need for concrete actions against terrorist groups operating on Afghan soil, noting that such groups undermine Pakistan’s security and hinder regional development,” the Pakistani foreign ministry said.

“The two sides exchanged views on deepening trade and transit cooperation. They reviewed the implementation status of measures announced during the visit of Deputy Prime Minister/Foreign Minister of Pakistan to Kabul for facilitating Afghan transit trade, including the removal of a 10 percent processing fee, provision of an insurance guarantee, reduction in scanning and examination, and operationalization of the track and trace system.”

The Pakistani side was led by Additional Secretary for Afghanistan and West Asia, Ambassador Syed Ali Asad Gillani, while the Afghan side was led by Director-General of the First Political Division at the Ministry of Foreign Affairs of Afghanistan, Mufti Noor Ahmad Noor.

They underlined the importance of enhanced regional connectivity as a catalyst for sustainable growth and shared prosperity.

“Noting the strategic significance of the Uzbekistan-Afghanistan-Pakistan Railway in that regard, they agreed to make concerted efforts toward the early finalization of the Framework Agreement,” the Pakistani foreign ministry said.

The 850-kilometer-long railway connectivity project aims to link Central Asia with Pakistan’s southern ports of Gwadar and Karachi through Afghanistan to improve trade access for landlocked countries and strengthen economic integration across the region.

Afghanistan’s foreign ministry said the two sides stressed the need to resolve the “issues of Afghan prisoners and refugees in Pakistan and facilitate the provision of visas to Afghan patients and businessmen.”

Pakistan this year said it wanted 3 million Afghans to leave the country, including 1.4 million people with Proof of Registration cards and some 800,000 with Afghan Citizen Cards. There are a further 1 million Afghans in the country illegally because they have no paperwork, according to officials.

“Pakistan side shared an overview of its efforts to facilitate documented travel from Afghanistan, notably through the issuance of over 500,000 visas since January 2024 to date across a range of categories such as medical, tourist, business, and study. Both sides agreed to work together to further strengthen the legal movement of individuals across borders,” Islamabad’s foreign ministry said.

Both sides assured of continued mutual communication and cooperation to address current challenges and described security as important for regional development and further strengthening bilateral relations, according to the two foreign ministries.

They decided to convene the next round of the additional secretary-level talks at mutually convenient dates.

Later, Mufti Noor called on Pakistan’s Foreign Secretary Amna Baloch at the “successful conclusion” of the first round of Pakistan-Afghan political consultations, according to the Pakistani foreign office.

“The foreign secretary stressed on regular engagement to deepen ties, address concerns and promote regional peace and prosperity,” it added.


Three children drown in Rawalpindi pond as Punjab issues fresh flood warning

Three children drown in Rawalpindi pond as Punjab issues fresh flood warning
Updated 07 July 2025

Three children drown in Rawalpindi pond as Punjab issues fresh flood warning

Three children drown in Rawalpindi pond as Punjab issues fresh flood warning
  • Urban floods in Chenab, Jhelum and Ravi rivers may affect Lahore, Sialkot and Rawalpindi
  • Heavy rains have killed at least 75 Pakistanis so far and injured 130 in less than two weeks

ISLAMABAD: Three children drowned in a pond in Pakistan’s Rawalpindi district despite a complete ban, authorities said on Monday, as the country’s most populous Punjab province issued a fresh flood warning till July 9.

The latest deaths bring the overall toll from rains and flash floods in Pakistan to at least 75, with another 130 injured in incidents such as electrocutions, house collapses, landslides and drownings since June 26.

The three children, aged between six and 10 years, drowned while bathing in the pond in Kallar Syedan area, according to the Punjab Provincial Disaster Management Authority (PDMA).

“There is a complete ban on bathing in rivers, canals, streams and rainwater drains,” the PDMA said. “Parents are requested to take care of their children and never let them bathe in canals, ponds and rivers.”

Expressed grief over the loss of lives, Punjab PDMA chief Irfan Ali Kathia directed authorities ensure financial assistance to affected families and ordered them to increase patrolling around rivers and ensure the enforcement of Section 144, which prohibits public gatherings for safety, in addition to informing citizens of the temporary ban through pamphlets, notice boards and mosque announcements.

The development came as the provincial disaster authority warned of possible urban floods in Punjab’s Lahore, Gujranwala, Sialkot and Rawalpindi divisions.

“There is a possibility of an unusual increase in the water level in the rivers of Punjab from July 7 till July 9,” the PDMA said, warning of possible deluges in Chenab, Jhelum, Ravi rivers and tributaries.

A high-level flood warning was issued for the Chenab river at Marala, while a medium to high-level flood warning was issued for the Ravi river and in Chenab tributaries, including Bahin, Basantar, Deg, Aik, Palkhu, Bhimber, Halsi and Dora.

Kathia directed authorities to stay vigilant and complete preparations in line with the Punjab chief minister’s orders, according to the PDMA.

Rescue 1122 and emergency control room staff have been placed on high alert, with instructions to ensure fuel availability, evacuate vulnerable areas and set up fully equipped relief camps.

Citizens have been urged to follow safety guidelines, cooperate with authorities during evacuations and contact the PDMA at helpline, 1129, in case of emergency.

Last week, a deadly flash flood in the scenic Swat Valley, caused by a sudden rise in water levels due to monsoon rains, killed 13 tourists.

Pakistan, home to over 240 million people, is consistently ranked among the countries most vulnerable to climate change.

In 2022, record-breaking monsoon rains and glacier melt caused catastrophic floods that affected 33 million people and killed more than 1,700.