Govt to Consider Forming National Crypto Council to Regulate Digital Assets

The federal government will consider setting up a National Crypto Council to oversee digital assets and blockchain, Federal Minister for Finance and Revenue Muhammad Aurangzeb said during a high-level meeting on digital assets on Tuesday. He said the government will consider establishing a National Crypto Council to serve as a dedicated advisory body comprising key government representatives, regulatory authorities, and industry experts. This Crypto Council will oversee policy development, address regulatory challenges, and ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner. The Council will also collaborate with friendly countries to develop standardized frameworks for international digital economic engagement. The Finance Minister 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. He also stressed the need for a balanced approach—one that encourages innovation and investment in digital assets while maintaining strict regulatory oversight in line with international standards. Participants discussed the global evolution of cryptocurrency, its increasing adoption, and the regulatory frameworks being implemented internationally, in line with US government policies. The deliberations focused on financial security, risk mitigation, and the potential impact of digital assets on Pakistan’s economy. Aurangzeb emphasized the importance of a well-regulated digital asset framework, aligning Pakistan with international best practices and complying with Financial Action Task Force (FATF) guidelines. He highlighted the government’s commitment to exploring digital assets and integrating blockchain technology as part of its broader strategy to modernize the financial sector. Discussions also included the tokenization of key infrastructure and state-owned enterprises (SOEs) assets, allowing for increased liquidity, broader investor participation, and greater efficiency in capital markets. It was noted that various stakeholders, including foreign and domestic investors, have already developed product-ready digital asset solutions that could be explored within a regulatory sandbox. Pakistan currently has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees. The Finance Minister reaffirmed his commitment to regulating and encouraging this industry by adopting appropriate frameworks, laws, and incentives to ensure transparency and facilitate digital business growth. The meeting concluded with a consensus on adopting a cautious yet forward-looking approach, ensuring that future developments in the digital asset space align with national interests, FATF guidelines, and global financial standards. Foreign delegates attended the meeting, including President Trump’s Advisors for Digital Assets. Shaza Fatima Khawaja, Minister of State for IT & Telecom, Governor State Bank, Secretary Finance, and Secretary IT & Telecom were also present.