Question 1: How do the UAE and Pakistan differ in relation to their digital asset regulatory strategies?
Trade and economic relations between the UAE and Pakistan date back to 1971, with Pakistan being the first country to enter diplomatic relations with the UAE.
The UAE has been more proactive in its approach to digital asset regulation, working on a framework that will specifically address cryptocurrencies. Pakistan, on the other hand, has been more cautious in its approach and currently does not have any specific regulations in place for digital assets. But that will soon change as Fasset, a global exchange, is working in conjunction with the Pakistan Prime Minister's office to gear up the nation's youth towards a digital asset revolution.
With the most recent news, the National Bank of Pakistan (SBP) has signed a new law for Electronic Money Institutions (EMIs) (non-banks offering digital payment instruments) to ensure the timely issuance of the Central Bank Digital Currency (CBDCs) over the next three years. The World Bank helped Pakistan draft new regulations, according to local media Arab News.
In addition to adhering to the CBDC launch schedule, the regulation will ensure safeguards against money laundering and terrorist financing, taking into account consumer protection and reporting obligations.
Question 2: How will new trends such as Web3 influence digital assets and financial applications?
The Web3 is a crucial advancement to the internet — enabling global users to be participants who take and retain ownership of their identity, data, digital assets, and transactions. This is made possible using decentralized protocols and cryptography.
One of the key benefits of Web3 is that it enables users to own and control their digital assets securely and privately. This is especially important for people in developing countries who often do not have access to traditional financial institutions or services. With Web3, these individuals can participate in the global economy by owning and utilizing digital assets. Thus providing them with opportunities to earn income, improve their quality of life, and build financial security. Additionally, Web3-based technologies could help to improve transparency and reduce corruption in these regions.
The financial services industry is ripe for disruption by blockchain-based technologies and Web3. Existing players in the industry, such as banks and other financial intermediaries, struggle to keep up with the pace of innovation. Web3-based tech stacks have the potential to revolutionize how financial services are delivered. Blockchain, for instance, can create secure and transparent records of transactions, which could help reduce fraud and corruption.
Of course, the space is still in an infant stage, with evident bottlenecks. But the fact that anyone with an internet connection can access some of the world’s most powerful financial tools is undoubtedly inspiring.
Questions 3: Key word: financial inclusion - what is Fasset’s unique value proposition reaching out to the unbanked and underbanked?
Fasset is a cryptocurrency exchange focused on the Middle East and North Africa (MENA). Fasset's unique value proposition focuses on increasing the adoption of digital assets among the unbanked and underbanked in the MENA region.
There are over 130 million unbanked and underbanked individuals across the MENA region. Fasset aims to provide these individuals access to the global economy by breaking down entry barriers and enabling them to own and utilize digital assets. This will provide them with opportunities to earn income, improve their quality of life, and build financial security.
Question 4: Regarding Fasset’s recent announcement to support to educate 1 million youngsters on Web3 and digital assets with the help of Pakistan’s Prime Minister, how do you implement the scheme?
As part of Pakistan's Prime Minister's Youth Program (PMYP), Fasset has partnered with the Prime Minister's Office to facilitate and prepare students for the future of finance, blockchain-based technologies, crypto, and Web3. We are collaborating with the Bahria University Islamabad Campus in Pakistan to provide educational courses that will equip young people with the required technical skills to pursue a career in the industry.
The program is structured to cover two core areas, “Skills for the Future” and “Skills for All.” Both organizations will create a curriculum that will include the education and technical skills required for a career in blockchain and Web3.
Fasset will create a financial literacy series that will empower youngsters, women, and other communities to build skills to invest and earn passive income. Both parties have also decided to curate a National Innovation Award in Web3 and other emerging technologies.
Question 5: Which challenges do Web3 companies face against conventional financial institutions and regulators in these markets, how can Fasset prepare to tackle these challenges?
Several factors, like transactional costs and evolving customer preferences, have disrupted the asset management industry. Though firms sense there is a need for innovative and unique solutions such as blockchain and crypto currencies, several challenges have rendered slow progress in this direction.
Firms worry about regulatory intervention that could heavily disrupt their blockchain initiatives. In addition, the dire need for large-scale adoption of asset management blockchain solutions across a wide range of market participants is another challenge that firms face.
With the increased open-mindedness towards blockchain and crypto that several regulators worldwide are adopting. Asset management firms will have one less thing to worry about, a collaborative industry culture, strong security measures and restrictions to assure transparency, increased certainty around cost and estimated ROI, education, awareness, transformed public perception, and robust government frameworks are just a few requisite elements to usher in a new era for the blockchain and crypto-enabled asset management industry. ***
INTERVIEWEE: Mohammad Raafi Hossain | LinkedIn
COMPANY: Home | Fasset
The Pakistani rupee dived to an historic low against the US dollar on Thursday after an exchange cap was lifted as Islamabad campaigns to unlock a vital bailout from the IMF.
The UAE is determined to foster the attractiveness and competitiveness of the business environment in order to keep pace with future economic trends, a senior official said.
Luxury goods and designer clothes are bought and worn as status symbols by consumers the world over, but what gives authenticity to the Rolexes, Gucci bags and signed pairs of football boots that are purchased every day?