Pakistan's government is launching the National Crypto Council in an attempt to create a regulated digital asset environment. Finance Minister Muhammad Aurangzeb met with U.S. advisors to discuss policy.
National Crypto Council and Its Objectives
The Pakistan National Crypto Council is being established as part of efforts to regulate and incorporate digital assets into the country's financial system. The council will act as an advisory body, bringing together government officials, financial regulators, and industry experts to shape Pakistan's crypto policies. Key areas of focus include financial security, compliance with FATF guidelines, and ensuring the country's crypto ecosystem is sustainable and legally compliant.
Pakistan Shifts its Approach to Cryptocurrencies
Until recently, Pakistan maintained a strict anti-crypto stance, with the State Bank of Pakistan opposing digital asset legalization. However, Finance Minister Muhammad Aurangzeb has taken a more open approach, emphasizing the need for a structured and well-regulated framework instead of outright prohibition. This reflects global trends and the response to the evolving U.S. policy on cryptocurrencies. The government is now exploring ways to create a balanced regulatory environment that addresses money laundering concerns and fosters innovation in blockchain and digital finance.
Blockchain Integration and Economic Modernization
Beyond crypto regulation, the National Crypto Council will also focus on integrating blockchain technology into key sectors of the economy. This involves tokenizing state-owned enterprises to enhance liquidity, improving capital market efficiency, and encouraging digital innovation. With over 20 million crypto users in Pakistan, the government recognizes the need for a transparent and investor-friendly framework to reduce transaction costs and support digital finance growth. Discussions on regulatory sandbox programs are also underway, allowing businesses to test blockchain solutions in a controlled environment before full-scale implementation.
The formation of the Crypto Council could lay the foundation for a digital economy revolution in Pakistan, positioning the country as a key player in the global crypto market.
