Pakistan Proposes National Crypto Council for Digital Asset
Pakistan is launching the National Crypto Council to regulate digital assets, enhance blockchain adoption, and reduce financial uncertainty.
| Key Takeaways: – Pakistan to establish the National Crypto Council to regulate digital assets and align with global financial standards. – The initiative follows discussions between Finance Minister Muhammad Aurangzeb and U.S. digital asset advisors. – The council aims to integrate blockchain technology and tokenize state assets for economic modernization. – Regulatory hurdles remain, including tax policies, compliance issues, and FATF oversight concerns. |
According to Pakistani media Dawn, Pakistan is set to establish the National Crypto Council as part of its broader strategy to regulate and integrate digital assets into its financial system.
The move follows discussions between Finance Minister Muhammad Aurangzeb and U.S. digital asset advisors, signaling Pakistan’s shift toward a structured crypto regulatory framework.
The National Crypto Council will serve as a central advisory body, bringing together financial regulators, government officials, and industry experts to craft policies for crypto and blockchain adoption. Key priorities include compliance with Financial Action Task Force (FATF) guidelines, financial security measures, and a structured framework for Pakistan’s growing crypto economy.
Pakistan has historically taken a strict stance on cryptocurrencies, with the State Bank of Pakistan (SBP) opposing their legalization. In 2023, the government reinforced a crypto trading ban due to FATF compliance concerns. However, the establishment of the National Crypto Council signals a policy shift, focusing on regulation rather than prohibition.
“The objective is to create a transparent and investor-friendly crypto ecosystem while ensuring compliance with AML and CTF regulations,” stated a Finance Ministry representative. The shift aligns with international trends, especially as the U.S. refines its approach to digital assets.
Beyond regulation, the National Crypto Council aims to drive blockchain adoption across key economic sectors. The council is expected to facilitate initiatives such as:
- Tokenizing state assets to improve liquidity and capital market efficiency.
- Encouraging private sector blockchain projects to streamline financial operations.
- Developing regulatory sandboxes for blockchain startups to test innovations.
With over 20 million crypto users in Pakistan, the demand for a clear regulatory framework is evident. However, challenges persist, including tax policies, investor protections, and banking sector uncertainty regarding crypto transactions. Additionally, FATF compliance remains a critical factor in shaping Pakistan’s digital asset future.
The launch of the National Crypto Council represents a pivotal moment in Pakistan’s crypto landscape. If executed effectively, the initiative could position Pakistan as a regional leader in blockchain innovation, attract foreign investment, and modernize its financial sector.
However, success will depend on regulatory clarity, institutional collaboration, and investor safeguards. As discussions continue, the country’s crypto and fintech sectors remain cautiously optimistic.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
