Key points
- Council to introduce regulatory guidelines for launching digital currency
- Move backed by all key stakeholders
- Five-member council will be chaired by the finance minister
ISLAMABAD: Pakistan has constituted the Pakistan Crypto Council, which will have the mandate to introduce new regulatory guidelines for launching digital currency — a move backed by all key stakeholders.
The five-member council will be chaired by Finance Minister Muhammad Aurangzeb, while his chief advisor, Bilal Bin Saqib, will serve as the chief executive officer, according to a notification issued by the Ministry of Finance.
The initiative is being hailed as a significant step in the country’s efforts to regulate and integrate blockchain technology and digital assets into its financial landscape.
According to the notification, the council would play a pivotal role in formulating policies, fostering innovation, and ensuring a secure and forward-thinking approach to crypto adoption in Pakistan.
The Pakistan Crypto Council’s immediate board members include the governor of the State Bank of Pakistan, chairman of the Securities and Exchange Commission of Pakistan (SECP), federal law secretary and federal IT secretary.
Regulatory oversight
“This diverse leadership structure ensures that regulatory oversight, financial stability, legal frameworks, and technological advancements are brought together to support Pakistan’s crypto ecosystem,” the communique said.
The statement added that the formation of the Pakistan Crypto Council signifies the government’s proactive stance in moving Pakistan to the forefront of the global shift towards blockchain technology and digital assets.
“With regulatory clarity and a structured approach, Pakistan aims to foster a safe and compliant environment for investors, businesses, and innovators in the crypto space.”
Speaking on the launch of the Council, Finance Minister Muhammad Aurangzeb said that the world was moving rapidly toward digital finance, and Pakistan wishes to be a leader in the space.
Embracing innovation
“The establishment of the Pakistan Crypto Council is a step towards embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system. We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth,” he said.
Speaking on the occasion, Bilal Bin Saqib, CEO of the Pakistan Crypto Council, said the council was not just about regulations; rather, it is about creating an ecosystem where blockchain and digital finance can thrive.
Competitive player
“Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritising security, transparency, and innovation. By bringing together key stakeholders, we aim to strike a balance between progressive policymaking and fostering an environment where entrepreneurs and businesses can confidently explore the potential of blockchain technology,” he said.
The Pakistan Crypto Council will focus on developing clear regulatory policies, engaging stakeholders from both the public and private sectors, and positioning Pakistan as a key player in the global digital asset landscape.
