Pakistan Forms Crypto Council to Regulate Digital Assets
ISLAMABAD: The Pakistani government is taking a significant step towards regulating cryptocurrencies by establishing the Pakistan Crypto Council. This new, high-powered body aims to provide clear guidelines for the adoption of digital assets, signaling the government’s intent to bring transparency and stability to a sector that has been operating in a regulatory grey area for some time.
The council, constituted by Prime Minister Shehbaz Sharif, will be chaired by Minister for Finance and Revenue Muhammad Aurangzeb. This demonstrates the government’s commitment to the evolving digital economy. Key officials will also participate, including the State Bank governor and federal secretaries for law and justice and information technology. Bilal Bin Saqib, Chief Advisor to the Finance Minister, has been appointed as the CEO of the Council, bringing expertise in blockchain technology, investment strategy, and digital innovation. Subject matter experts are expected to join in later phases.
The government’s decision comes amid increasing global and domestic interest in digital currencies and blockchain technology. Pakistan has seen a surge in cryptocurrency transactions despite the lack of clear regulations, and the council is designed to balance innovation with financial security. The council’s priorities include:
- Establishing clear regulatory guidelines to facilitate crypto adoption.
- Engaging with international crypto and blockchain organizations to ensure best practices.
- Encouraging responsible innovation by working closely with industry players.
- Protecting consumers and ensuring financial security through robust legal and compliance frameworks.
This move represents a shift from past skepticism towards integration within the financial system, similar to approaches in India and the UAE. Sources say international collaboration will be a key focus to ensure compliance with anti-money laundering and counter-terrorism financing rules. While the central bank has previously issued warnings about cryptocurrency risks, structured regulations could reshape Pakistan’s financial landscape and digital economy.
A Bitcoin is seen in Dortmund, western Germany, on January 27, 2020. — AFP
Finance Minister Muhammad Aurangzeb stated, “The world is moving rapidly toward digital finance, and Pakistan wishes to be a leader in the space. The establishment of the Pakistan Crypto Council is a step towards embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system. We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth.”
Bilal Bin Saqib emphasized the significance of this initiative, stating: “This council is not just about regulations — it’s about creating an ecosystem where blockchain and digital finance can thrive. Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritizing security, transparency, and innovation. By bringing together key stakeholders, we aim to strike a balance between progressive policymaking and fostering an environment where entrepreneurs and businesses can confidently explore the potential of blockchain technology.”
