Pakistan Establishes Crypto Council to Regulate Blockchain and Digital Assets

• Pakistan creates Crypto Council to manage blockchain and digital assets in the economy.
• The council will draft crypto rules and work with global blockchain groups for safe adoption.
• Over 20 million Pakistanis use crypto. The council aims to boost security and innovation.

The government of Pakistan has launched the Pakistan Crypto Council (PCC) to oversee the regulation and integration of blockchain technology and digital assets. The Finance Division announced the initiative, signaling a shift in the country’s approach to cryptocurrencies. The PCC aims to develop policies that support crypto adoption while ensuring financial security.

Pakistan’s previous stance on digital assets was restrictive, citing concerns over illegal activities. The new approach suggests a broader acceptance of blockchain’s potential. With the formation of the PCC, the country aims to position itself in the global digital finance landscape. The decision aligns with international trends, including the White House’s approval of a strategic Bitcoin reserve.

Finance Minister Muhammad Aurangzeb will lead the council. A team of public officials from the State Bank of Pakistan, Securities and Exchange Commission of Pakistan (SECP) and Federal Law and IT ministries composes the leadership body. The designed structure aims to deliver balanced regulations which support financial stability and technological advancement.

The PCC Finance Minister has selected Bilal bin Saqib to serve as his Chief Advisor. The council relies on him to provide leadership regarding financial protection while overseeing risk controls along with studying crypto economics. He will create an open blockchain and digital finance environment as chief executive of the council.

The PCC will draft clear regulations for crypto adoption. It will work with international blockchain organizations to develop responsible policies. Consumer protection and financial security remain priorities, with a strong legal framework to mitigate risks. The council aims to promote responsible innovation while preventing illicit activities.

Pakistan ranks among the top countries for crypto adoption. An estimated 20 million users actively engage in crypto transactions. The country’s $35 billion remittance market could benefit from increased blockchain integration. The PCC’s initiatives may further boost the role of digital assets in the economy.

Tags:Blockchain Crypto market cryptocurrency Pakistan Regulation SECP Strategic Bitcoin Reserve