Looking for the latest developments in the crypto market? Here is a roundup of the biggest stories affecting Bitcoin, blockchain, DeFi, Web3 and crypto regulation today.
Pakistan has introduced a new deadline for existing crypto companies, while billionaire investor Ray Dalio has again backed gold and Bitcoin as protection against rising U.S. debt risks. Meanwhile, Standard Chartered now believes its $100,000 year-end Bitcoin forecast could prove too conservative.
Pakistan Sets September 5 Deadline for Crypto Firms
Pakistan’s Virtual Assets Regulatory Authority (PVARA) has officially opened its licensing portal for cryptocurrency exchanges and other virtual asset service providers.
The move follows the introduction of new regulations designed to bring crypto companies operating in Pakistan under a formal regulatory framework.
Companies that were offering virtual asset services on or before March 5 must apply for a no-objection certificate (NOC) by September 5.
Businesses that fail to submit an application before the deadline will be required to stop operating in the country. PVARA has also warned that continuing operations without applying could be treated as an offense.
The regulator said the new licensing system creates a clearer route for companies seeking to operate legally in Pakistan’s virtual asset market.
The framework includes requirements covering consumer protection, corporate governance, compliance and market integrity.
Pakistan Moves From Crypto Legislation to Enforcement
The opening of the licensing portal marks an important step in Pakistan’s crypto strategy.
Rather than focusing only on legislation, authorities are now moving toward active enforcement of the country’s digital asset rules.
Both domestic and international virtual asset providers will have to enter the formal licensing process if they want to continue serving customers in Pakistan.
The changes could significantly reshape how crypto exchanges and other digital asset businesses operate in the country.
Ray Dalio Backs Gold and Some Bitcoin
Billionaire investor Ray Dalio has urged investors to consider gold and a small allocation to Bitcoin as concerns grow over U.S. government debt.
The founder of Bridgewater Associates said investors could consider allocating around 10% to 15% of their portfolios to gold as a way to reduce risk.
Dalio also suggested holding more gold and Bitcoin relative to debt-based assets.
His comments come amid concerns about rising political tensions, geopolitical risks and the long-term sustainability of U.S. government borrowing.
Dalio Warns of a Potential U.S. Debt Crisis
Dalio believes the United States could face a serious debt crisis within roughly three years unless the country changes its current fiscal direction.
Historically, he has been more supportive of gold than Bitcoin.
Dalio has previously argued that Bitcoin is unlikely to fully replace gold as a store of value. He has also raised concerns about privacy and the possible future impact of quantum computing on cryptocurrencies.
However, his position on Bitcoin has gradually become more positive.
In 2022, Dalio said that allocating around 1% to 2% of a portfolio to Bitcoin could be reasonable. His latest remarks suggest that he continues to view BTC as a potential hedge alongside traditional safe-haven assets.
Standard Chartered Says $100,000 Bitcoin Target May Be Too Low
Standard Chartered is also becoming more optimistic about Bitcoin’s outlook.
Geoff Kendrick, the bank’s global head of digital asset research, said Bitcoin could move toward its previous all-time high of around $126,000 before the end of the year.
Kendrick also suggested that the recovery could gain additional momentum after October 6.
According to the analyst, Bitcoin’s recent rally has been driven largely by the liquidation of short positions.
At the same time, inflows into spot Bitcoin ETFs have started to recover.
Low Open Interest Could Support Another Bitcoin Rally
Kendrick noted that relatively low open interest could leave room for more investors to enter the market if Bitcoin continues to rise.
He also acknowledged that Standard Chartered’s existing $100,000 year-end Bitcoin forecast may no longer be high enough.
Earlier in the year, Standard Chartered reduced its Bitcoin year-end target from $150,000 to $100,000.
The bank also lowered its Ether forecast from $7,500 to $4,000.
At the time, Kendrick expected Bitcoin to potentially fall toward $50,000 and Ether toward $1,400 before recovering later in the year.
The latest outlook suggests the bank is now becoming more confident about Bitcoin’s ability to outperform those earlier expectations.
Crypto Market Outlook Remains in Focus
Today’s developments highlight the different forces shaping the global cryptocurrency market.
Governments such as Pakistan are introducing stricter regulatory structures, while major investors are increasingly discussing Bitcoin as a potential hedge against traditional financial risks.
At the same time, institutional analysts are becoming more optimistic about Bitcoin’s price outlook as ETF inflows recover and market positioning improves.
