Pakistan has established the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee and regulate the country’s crypto sector. Pakistan’s federal government has launched the Pakistan Virtual Assets Regulatory Authority (PVARA), a new body tasked with overseeing the country’s digital asset industry. According to a Tuesday report by English-language local news outlet Dawn, PVARA will operate as an independent regulator tasked with licensing, monitoring and supervising virtual assets service providers. It will also ensure compliance with international standards, including alignment with guidelines from the Financial Action Task Force (FATF). The report follows a late May announcement by Pakistan’s Ministry of Finance, which endorsed the creation of the regulatory body. Muhammad Aurangzeb, Pakistan’s Federal Minister for Finance and Revenue, said that the country “must regulate not just to catch up, but to lead.” Read more
Shares of Kakao Bank, Kookmin Bank and the Industrial Bank of Korea rose by 10% to 19% following stablecoin trademark applications. Shares of major South Korean banks surged following trademark filings for stablecoins, signaling growing institutional interest in digital assets. According to Google Finance data, at least three South Korean banks that recently applied for Korean won stablecoin trademarks saw their stock prices increase by 10% to almost 20%. The market reaction suggests investor optimism around the banks’ potential entry into the cryptocurrency sector. The filings came shortly after the inauguration of the country’s 21st president, Lee Jae‑myung, on June 4. His campaign included crypto-friendly promises, including the development of a Korean won-pegged stablecoin. Read more
The TON Foundation could have avoided its golden visa controversy in the UAE with a brief legal review, a local lawyer told Cointelegraph. The Open Network (TON) Foundation’s golden visa slip-up in the United Arab Emirates (UAE) highlights the need for legal compliance and proper review, a local lawyer said. A premature announcement about TON’s UAE golden visa aimed to benefit the community but ran into complex local crypto rules, according to NeosLegal founder Irina Heaver. With five regulators overseeing crypto asset service providers’ (CASP) activity in the UAE and strict marketing rules by Dubai’s Virtual Assets Regulatory Authority (VARA), ensuring local compliance requires proper legal assessment. Read more
XRP price flips key breakout zone into support, but significant overhead resistance from the 200-day SMA at $2.36 remains the most important barrier for the bulls. Key takeaways: XRP price needs to break above the $2.20-$2.30 range and 200-day SMA at $2.36 to clear a path to $3. XRP/BTC breaks multimonth downtrend as RSI shows a bullish divergence. Read more