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Japan vs Pakistan

Crypto regulation comparison

← Back to map | Japan | Pakistan
Japan

Japan

Pakistan

Pakistan

Legal
Restricted

Japan is one of the world's most comprehensively regulated crypto markets. The Payment Services Act and Financial Instruments and Exchange Act govern crypto exchanges and tokens. Japan classifies crypto as "crypto-assets" and taxes gains as miscellaneous income at rates up to 55%, though reforms to lower this rate are under active discussion.

Pakistan has a hostile regulatory environment for cryptocurrency. The State Bank of Pakistan has prohibited financial institutions from facilitating crypto transactions, and the government has considered outright bans. Despite this, Pakistan has high informal crypto adoption, ranking among the top countries for P2P crypto volume. The SECP has explored blockchain regulation but no licensing framework exists for exchanges.

Tax Type Income
Tax Type None
Tax Rate 15-55%
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining Yes Yes
Regulator FSA (Financial Services Agency), JVCEA
Regulator SBP (State Bank of Pakistan), SECP
Stablecoin Rules 2022 stablecoin law requires issuers to be licensed banks, trust companies, or fund transfer agents
Stablecoin Rules No regulation; SBP has not authorized any crypto activities
Key Points
  • Crypto exchanges must register with the FSA under the Payment Services Act
  • Crypto gains taxed as miscellaneous income at up to 55% (national + local tax)
  • Japan's self-regulatory body JVCEA sets industry standards for exchanges
  • 2022 stablecoin legislation (revised Payment Services Act) regulates stablecoin issuance
  • Government considering tax reform to apply a flat 20% separate taxation on crypto gains
Key Points
  • SBP prohibits banks and financial institutions from processing crypto transactions
  • No licensing framework for crypto exchanges; operating informally is risky
  • High P2P crypto adoption despite regulatory hostility
  • Government has considered formal banning legislation multiple times
  • SECP has explored digital asset regulation but no framework enacted
Sources
Sources