-
NADRA holds identity
-
Federal Board of Revenue holds income data
-
Banks hold transaction histories
-
Securities and Exchange Commission of Pakistan oversees brokers
Yet none of these systems talk to each other in real time.
Each institution builds its own verification loop, forcing the investor to repeatedly prove the same facts.
Compare that to:
-
India’s DigiLocker
-
UAE’s Emirates ID
-
Instant brokerage onboarding abroad
Pakistan chose fragmentation.
“Just Allow CNIC-Based Investing” — Is That the Answer?
Not fully — but it points in the right direction.
A CNIC-first model:
-
Removes psychological friction
-
Expands first-time participation
-
Matches the crypto user experience
But the real fix is:
-
Centralized verification
-
Single investor identity
-
Portability across brokers
-
Bank-led onboarding, not broker-led
Crypto didn’t eliminate KYC.
It hid it behind better design.
