Govt Set to Fast-track Legalization of Cryptocurrency in Pakistan

A follow-up meeting of the Pakistan Crypto Council (PCC) was held at the Finance Division today to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in Pakistan. The session, chaired by Federal Minister for Finance Senator Muhammad Aurangzeb, was attended virtually by Bilal Bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and Chief Executive Officer of the Pakistan Crypto Council. Other participants included the Governor of the State Bank of Pakistan (SBP); Chairman of the Securities and Exchange Commission of Pakistan (SECP); Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication. During the meeting, the Ministry of Law and Justice tabled a draft of the proposed legal framework, developed through close collaboration with members of the Pakistan Crypto Council, key stakeholders, and technical experts. The draft legislation outlines a robust regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols, and investor protection provisions. Designed in alignment with international best practices and evolving global standards, the proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem. Aurangzeb lauded the collaborative efforts of all involved and underscored the importance of swiftly finalizing and operationalizing the framework to provide legal certainty and harness the economic potential of blockchain and crypto technologies in the country. During the meeting, the draft was thoroughly reviewed and refined. It was collectively agreed that in-principle approval process will be fast-tracked to ensure timely enactment and effective implementation.