Pakistan vs San Marino
Crypto regulation comparison
Pakistan
San Marino
Restricted
Legal
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.
San Marino has developed a regulatory framework for blockchain entities. The country has issued licenses for blockchain-based businesses.
Tax Type
None
Tax Type
Unclear
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
SBP (State Bank of Pakistan), SECP
Regulator
Central Bank of San Marino, AIF (Financial Information Agency)
Stablecoin Rules
No regulation; SBP has not authorized any crypto activities
Stablecoin Rules
No specific stablecoin regulation
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
Key Points
- Delegated Decree on blockchain technology entities issued
- Licenses issued for blockchain-based businesses
- AIF provides regulatory oversight
- Small jurisdiction working to attract blockchain companies
- Developing comprehensive digital asset regulation