Pakistan is charting a definitive course towards establishing a robust and transparent regulatory environment for digital and virtual assets, signaling a pivotal moment for the nation’s burgeoning digital economy. A recent high-level follow-up meeting of the Pakistan Crypto Council (PCC), held at the Finance Division and presided over by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, saw the review and refinement of a comprehensive draft framework designed to govern this evolving sector.
The meeting underscored a concerted effort by various governmental and regulatory entities to ensure Pakistan’s proactive participation in the global digital asset ecosystem. Key attendees included Mr. 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, who joined the deliberations virtually. Significant representation from the nation’s financial and legal powerhouses was also evident, with the Governor of the State Bank of Pakistan (SBP), the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Secretary of the Law & Justice Division, and the Secretary of the Ministry of Information Technology & Telecommunication all present.
A cornerstone of the discussions was the presentation of a draft legal framework by the Ministry of Law and Justice. This proposed legislation is the culmination of extensive collaborative endeavors involving members of the Pakistan Crypto Council, other vital stakeholders, and technical specialists who have contributed their expertise to shape a forward-looking regulatory structure. The draft legislation is meticulously designed to address various critical aspects of digital and virtual assets, encompassing detailed governance mechanisms, clear licensing protocols for entities operating within this space, and robust provisions aimed at safeguarding investor interests.
The overarching objective guiding the formulation of this framework is to align Pakistan’s digital asset policies with international best practices and evolving global standards. By doing so, the nation aims to cultivate an environment conducive to innovation while simultaneously mitigating potential risks associated with digital assets. This strategic approach is intended to position Pakistan as a progressive and responsible participant on the global stage of digital finance.
Finance Minister Muhammad Aurangzeb commended the collective efforts and dedicated contributions of all involved parties in bringing this framework to its current advanced stage. He emphasized the critical importance of expeditiously finalizing and subsequently operationalizing this regulatory structure. The Minister highlighted that the swift implementation of this framework is paramount to providing the much-needed legal certainty for digital asset operations within the country and, crucially, to fully harnessing the immense economic potential inherent in blockchain and crypto technologies.
In a unanimous decision reflecting the shared commitment to this initiative, it was collectively agreed to fast-track the in-principle approval process for the draft framework. This expedited timeline is intended to ensure timely enactment of the legislation and its effective implementation across the digital asset landscape in Pakistan, paving the way for a more structured and secure digital financial future