Pakistan Establishes National Crypto Council for Regulation

In the latest development, Pakistan has initiated the creation of the Pakistan Crypto Council (PCC) with the aim of overseeing the use of digital asset technology in its financial landscape.

According to Pakistan's finance division, the plan aims to regulate and integrate crypto investors into the country's financial ecosystem.

This initiative is a reversal of Pakistan's previous stance on cryptocurrencies, according to which the country could not legalise cryptos as they facilitated the financing of terrorism.

Pakistan Establishes First Cryptocurrency Council

The news emerged after the White House approved the creation of a strategic Bitcoin reserve. The establishment of the Pakistan Crypto Council positions the country as a key player in the global race to adopt digital assets.

According to available information, Bilal Bin Saqib has been appointed Chief Executive Officer (CEO) of the PCC. Bilal announced the news on X (formerly Twitter):

"It is an honour to lead the Pakistan Crypto Council as CEO, working with our esteemed board and Chairman, the Minister of Finance, at a crucial time for our nation. With Pakistan among the top 10 countries for global cryptocurrency adoption and over 25 million active users, along with a foreign remittance market of over $30 billion, blockchain offers an unprecedented opportunity for innovation and growth. This is just the beginning: Pakistan is open for business."

After his appointment, a spokesman for the finance division said:

"This marks a significant step in Pakistan's commitment to embrace the transformative potential of digital currencies, ensuring financial security, mitigating risks and effectively assessing the impact of cryptocurrencies on Pakistan's economy."

The CCP will be led by Pakistan's Finance Minister Muhammad Aurangzeb, along with key figures from the finance and regulatory sections. The leadership structure will include the governor of the State Bank of Pakistan (SBP), the chairman of the Securities and Exchange Commission (SECP) and the secretaries of the IT sector. These bodies will work together to develop a comprehensive approach that focuses on technological innovation, economic stability and regulatory oversight.

During the announcement of his appointment as CEO, Bilal emphasised that the CCP's mission goes beyond regulation and highlighted the intent to create an environment conducive to the adoption of digital assets by the Pakistani population.

Clear regulations, collaborations with international crypto exchanges and the promotion of adoption are high on the CCP's agenda. In addition, the council will focus on consumer protection and financial security through a legalised and compliant regulatory framework.