In a significant policy shift, the Pakistani government is considering the establishment of a National Crypto Council to regulate and guide the country’s burgeoning digital asset ecosystem. This move aims to ensure compliance with global financial standards while fostering sustainable growth in the sector.
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The decision emerged from a high-level meeting on digital assets chaired by Finance Minister Muhammad Aurangzeb. The proposed council would serve as an advisory body comprising government officials, regulatory authorities, and industry experts. Its primary responsibilities would include shaping policies, addressing regulatory challenges, and collaborating with international partners to establish standardized frameworks for digital economic engagement.
This development marks a departure from the government’s previous stance. Until last year, both the government and the State Bank of Pakistan (SBP) were opposed to the idea of cryptocurrencies, with a former finance minister declaring that they would never be legalized in the country. The SBP had also issued warnings to the public against engaging in such transactions.
However, Finance Minister Aurangzeb has adopted a fresh perspective, publicly advocating for an open-minded approach to digital assets. He emphasized the government’s commitment to exploring the potential of digital assets and integrating blockchain technology as part of a broader strategy to modernize the financial sector. Aurangzeb directed relevant stakeholders to formulate a comprehensive framework that ensures security, transparency, regulatory compliance, and economic viability while safeguarding against financial crimes and illicit activities.
The proposed National Crypto Council is expected to play a pivotal role in overseeing policy development, addressing regulatory challenges, and ensuring that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner. Additionally, the council will collaborate with friendly countries to develop standardized frameworks for international digital economic engagement.
This initiative reflects Pakistan’s recognition of the growing importance of digital assets in the global economy and its desire to harness the potential benefits of this emerging sector while mitigating associated risks.
