Bitcoin Forum

The First Pakistan Exchange is Live

http://www.coindesk.com/pakistans-first-bitcoin-exchange-launches-community-building-ambitions/

First 1000 verified users will receive Rs100 balance.

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Very good news. Hope to see more btc applications from Pakistan and the rest of Asia. Congrats mate!

That's great news, thanks for sharing.

Are you related to UrduBit, is this suppose to be official thread?

I'm bit concerned about legal status of this exchange, is such business 100% legit in Pakistan? Terms of Service look very basic and there's this:


Why Pakistani business refers to the Dutch law?

To be honest I copied the terms of service from another exchange, because you don't need to reinvent the wheel ... the terms of service were good enough. I have changed it right now. Actually if a law in Pakistan texthenIndias  then Indias laws will apply.

Yes, it's a common practice for small online businesses to copy T&C from similar websites, but you would expect more serious approach from the first exchange in Pakistan, or at least to get a proof read. If you're supposed to be dealing with large amounts of money/btc, you need to get everything right.

I'm completely unfamiliar with regulations in Pakistan, but I know they do have their equivalent of KYC/AML. Are you absolutely sure that running such exchange is in full compliance with the law? Did you seek for a legal advice before launching?

I don't want to read one day that Pakistani authorities shut down your business, got you arrested and seized X amount of BTC etc. It's important to do your homework beforehand.

What security measures have you taken in storing BTC?

Also, all the referral links in your sig doesn't add to your credibility.  No offense, but it looks like you prefer to earn a few scraps of BTC, rather than promote your own business.

And if this is the official thread, then it looks rather poor. You didn't even put your logo?

You don't quite make an impression of trustworthy business imho, but hope you'll get everything sorted. A solid, legit exchange in Pakistan would be a great thing for the bitcoin as a whole.

You are  right bitcoin in general needs to grow. Any mishaps and unfortunate events like the one you mentioned can happen. We have consulted with our tax lawyers before opening the exchange. As we are only providing a medium for our customers to sell their digital assets for pkr while being a broker. KYC rules are being followed. We do verify all customers against NADRA database. This is my personal account. And I used it to post here becuase it was not a new account. There are many  scams so we  people to think that look a new user  was created just for a scam. We are new we are learning and hopefully we will get it right.

Great news, past month the netherlands launched one aswell, and its legal! Go go BTC.

Nice exchange.I will use it in future

OK, thanks for clarifying.

It's just irritating to see some of the 'established' businesses with a happy-go-lucky approach to legal requirements (ie BitStamp), then if something goes wrong it affects all bitcoin community. Hope everything goes well for you. Best of luck.

This is good news. I believe developing countries are the ones who needs bitcoin the most, to protect their savings from their local currencies and high fees involved when transferring money out of their country.

I think all of the countries need bitcoin to avoid paying high fees, its just not the developed countries

Developing countries have a huge market in terms of inward remittances.

Its not just avoiding fees or remittance that we are concerned about. In Pakistan there is no way for people to get paid from international markets think of the huge workforce that will be available internationally and the amount of jobs it will create for freelancers from Pakistan. Websites that have difficult times using costly setup because of no credit card acceptance in Pakistan can now accept this and be secured with their payments. The potential is huge.

This is exactly the strength I see in bitcoin. Getting paid overseas without the fuss of policies in PayPal.

Aren't bank transfers possible to Pakistan? Bitcoin might help in micropayments, but then again, this problem is not specific to Pakistan.

Is it licensed?

If bitcoin is not considered as a currency / security, do you need a licence?
It could be considered as an e-marketplace, where people just buy and sell an asset.

I have been in-conversation regarding this matter with Tax Consultants. As you mentioned above its not considered a currency. And as per current laws if there is no law on a matter the law of India will be followed. Since there is currently no Law in India on the matter we stand the same. The Reserve Bank Of India has cautioned people to be careful on investing in bitcoins. We might go ahead and register as a company in the e-marketplace.

All Pakistan Bitcoin Presentation
20 Oct 2014 (Noshara)
20 Oct 2014(Rawalpindi)
21 Oct 2014 (Jhelum)
22 Oct 2014 (Sialkot)
23 Oct 2014 (Lahore)
24 Oct 2014 (Lahore)
25 Oct 2014 (Faislabad)
26 Oct 2014 (Mian Chano)
26 Oct 2014 (Multan)
27 Oct 2014 (Sakhar)
28 Oct 2014 (Hydrabad)
29 Oct 2014 (Karachi) "Gulshan"
30 Oct 2014 (Karachi) "Saddar"

In addition we are planning a webnair type of thing also.

Bitcoin being an asset is one thing, but this type of business means you'll be holding (fiat) money on behalf of your customers (and also their assets - BTC). So it's a bit more than just selling bitcoins online.

Have you consider enquiring directly to the relevant authority, just to be on the safe side?

Does it have to hold fiat on behalf of its customers?

They could sell their own BTC, or buy with their own fiat, but in case of peer 2 peer exchange - yes, they do have to hold on customers' behalf.

I hope bitcoin in pakistan can develop well, their infrastructure was expected to have a very qualified, human resources it had been able to use bitcoin as a means of transaction, while the internet as the life of bitcoin should always be active, electricity must always have a back up if there is local power outages from ...  ::)

Bitcoin in general can be sent from a mobile phone as well.
So local power outages, while irritating, will not result in the bitcoin world coming crashing down.