Today in crypto, Pakistan has invited international crypto firms to apply for licenses under its regulatory authority PVARA, a Wall Street veteran predicts that institutional interest in Bitcoin allocations will grow by the end of the year.…
Today in crypto, Pakistan has invited international crypto firms to apply for licenses under its regulatory authority PVARA, a Wall Street veteran predicts that institutional interest in Bitcoin allocations will grow by the end of the year. Meanwhile, a crypto exec says stablecoins will lose tickers in the future.
Pakistan invites global crypto firms to apply for operating licenses: Report
Pakistan has opened the door to international crypto businesses, inviting leading exchanges and virtual asset service providers (VASPs) to apply for licenses under a new federal regime.
On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) called on major crypto firms to submit Expressions of Interest (EoIs) to enter the country’s digital asset market, according to a report by local news outlet Dawn.
“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” said Bilal bin Saqib, PVARA chair and minister of state for crypto and blockchain.
Eligibility is limited to firms already licensed by recognized regulators, including the US Securities and Exchange Commission (SEC), the UK Financial Conduct Authority, the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority and the Monetary Authority of Singapore.
TradFi to ramp up Bitcoin allocations by year-end, Wall Street veteran tips
Wall Street veteran and macro analyst Jordi Visser is forecasting that US financial institutions are set to ramp up their Bitcoin allocations before the year is out.
“Between now and the end of the year, the allocations for Bitcoin for the next year from the traditional finance world are going to be increased,” Visser told Anthony Pompliano during an interview published to YouTube on Saturday.
“I think Bitcoin’s allocation number will go higher across portfolios,” Visser said. “That is going to happen,” he emphasized.
Visser predicts that traditional financial institutions will bolster their Bitcoin allocations in the final quarter of this year in preparation for next year, the same quarter that market participants are debating over whether Bitcoin’s price will peak for the cycle or not.
US dollar stablecoins won’t have tickers in the future, only generic “USD”
Stablecoins pegged to the US dollar won’t have individual price tickers in the future, according to Mert Mumtaz, CEO of remote procedure call (RPC) node provider Helius.
Mumtaz said that stablecoins have become commoditized, meaning that there is little difference between them from a user perspective.
He predicted that exchanges will eventually drop the tickers altogether, choosing to swap stablecoins through backend infrastructure that users never see. He wrote:
“The eventual endgame is that you don't see the ticker at all. The apps will just display ‘USD’ instead of USDC, USDT, or USDX, and they will swap everything in the backend via a standardized interface.”
Mumtaz’s comments follow the Hyperliquid stablecoin (USDH) bidding war and come amid a period of rapid growth for the sector, as the stablecoin market cap surpasses $280 billion.
