The Pakistan Crypto Council has been officially launched to shape the country’s regulatory framework for digital currencies and blockchain technology. Prime Minister Shehbaz Sharif has constituted the council to facilitate the transition towards a digital financial ecosystem, with support from key financial and regulatory bodies.
Pakistan Crypto Council: A Major Step Towards Crypto Regulation
The newly formed Pakistan Crypto Council will be led by Finance Minister Muhammad Aurangzeb as chairman, with Bilal Bin Saqib, his chief advisor, serving as the CEO. The council includes top officials from the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), the federal law secretary, and the federal IT secretary. The diverse leadership ensures an all-round approach to integrating digital assets into the financial sector while maintaining strict regulatory oversight.
The council’s primary objective is to develop clear guidelines for crypto adoption, addressing long-standing regulatory challenges. This move comes amid a delay in legalising digital currencies due to disagreements over amendments to the State Bank of Pakistan Act. The government has been working on proposals to recognise digital currencies as legal tender, but concerns over dual nationality restrictions have slowed the approval process.
Pakistan’s Vision for Crypto and Blockchain Integration
The establishment of the Pakistan Crypto Council signifies the government’s proactive stance in embracing financial technology. By creating a structured regulatory environment, the council aims to:
- Introduce a legal framework for digital currencies to ensure transparency and investor protection.
- Promote blockchain innovation to boost Pakistan’s role in the global digital economy.
- Engage international stakeholders, including blockchain firms and fintech companies, to adopt best practices.
- Ensure compliance and security in digital transactions, reducing risks associated with unregulated crypto activities.
Finance Minister Aurangzeb emphasized that Pakistan is ready to adopt the digital finance revolution, ensuring a regulatory framework that protects investors while promoting economic growth. Meanwhile, CEO Bilal Bin Saqib highlighted that the initiative is not just about regulations but about creating an ecosystem where blockchain and digital finance can thrive.
With this move, Pakistan aims to position itself as a key player in the evolving digital asset industry, assuring that innovation is balanced with financial security.
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