Pakistan launches Crypto Council to regulate blockchain, digital assets

The Pakistani government has officially launched the Pakistan Crypto Council (PCC) to regulate and integrate blockchain technology and digital assets into the country’s financial system, according to a statement from the Finance Division.

The announcement follows the recent appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the council. The PCC is a government-backed initiative designed to regulate, promote, and incorporate blockchain and cryptocurrency innovations into Pakistan’s economic framework.

A statement from the Finance Division described the council’s formation as a significant step in the country’s efforts to adopt digital finance, positioning it as a key player in the global shift towards blockchain technology.

The council will be led by Finance Minister Muhammad Aurangzeb, with its immediate board comprising the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Law Secretary, and the Federal IT Secretary.

The diverse leadership structure aims to ensure a balanced approach to regulatory oversight, financial stability, legal frameworks, and technological advancements.

Aurangzeb remarked on the launch, emphasizing Pakistan’s desire to lead in the digital finance space.

“The establishment of the Pakistan Crypto Council is a step towards embracing innovation while ensuring we create a regulatory framework that protects investors and the financial system,” he said.

He also highlighted the country’s commitment to fostering a responsible and progressive crypto ecosystem for economic growth.

Bilal bin Saqib underscored the importance of the council, stating that its focus extends beyond regulation to creating an environment where blockchain and digital finance can thrive.

He reiterated the council’s goal of making Pakistan a competitive player in the global digital economy while prioritizing security, transparency, and innovation.

The PCC’s priorities include establishing clear regulatory guidelines to facilitate cryptocurrency adoption, engaging with international crypto and blockchain organizations to ensure best practices, and promoting responsible innovation.

Additionally, the council will work with key industry stakeholders such as fintech startups, investors, and blockchain developers, while also focusing on consumer protection and financial security through robust legal and compliance frameworks.