Govt formally announces council to regulate cryptocurrency

 


The Pakistan Crypto Council (PCC) has been officially established by the government of Pakistan, a significant step toward modernizing the country's financial system. A crucial step toward embracing the global digital economy is this initiative, which aims to regulate and integrate digital assets and blockchain technology into the country's economic framework.

The Formation of the Pakistan Crypto Council and Its Leadership:-

 The PCC is a government-backed body designed to oversee the development and regulation of Pakistan's digital asset ecosystem. Underscoring the government's dedication to this ever-evolving sector, Finance Minister Muhammad Aurangzeb will chair the Council. The Federal Law Secretary, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Governor of the State Bank of Pakistan, and the Federal IT Secretary make up the Council's board. This diverse leadership ensures a comprehensive approach to regulatory oversight, financial stability, legal frameworks, and technological advancement. citeturn0search2.

Mandat and Objectives:-



 The primary objectives of the PCC include

 Policy Formulation:-

 Creating precise regulatory guidelines to make it easier for Pakistan to adopt blockchain technology and cryptocurrencies.

Stakeholder Engagement:-

Collaborating with both public and private sectors to foster innovation and ensure that policies align with the needs of all stakeholders.

Consumer Protection:-

 Establishing solid legal and compliance frameworks to safeguard customers' financial well-being.

International Collaboration:-

Working with global crypto and blockchain organizations to adopt best practices and establish Pakistan as a major player in the global digital asset landscape.

Background and Rationale:-

 The formation of the PCC follows a high-level meeting on digital assets chaired by Finance Minister Muhammad Aurangzeb on February 25, 2025. The meeting addressed the global evolution of cryptocurrency, its increasing adoption, and the various regulatory frameworks being implemented internationally. Discussions focused on financial security, risk mitigation, and the potential impact of digital assets on Pakistan's economy. The Finance Minister emphasized the importance of aligning Pakistan's digital asset framework with international best practices and complying with Financial Action Task Force (FATF) guidelines. citeturn0search0.

 Pakistan's current digital asset landscape Pakistan boasts over 20 million active users in the digital asset market. However, these users face significant challenges, including high transaction fees and regulatory uncertainty. The establishment of the PCC aims to address these issues by creating a secure, transparent, and compliant environment for investors, businesses, and innovators in the crypto space. citeturn0search4.

Strategic Initiatives and Future Plans:-

 One of the notable strategies discussed is the tokenization of key infrastructure and state-owned enterprise (SOE) assets. It is anticipated that this strategy will enhance liquidity, broaden investor participation, and boost capital market efficiency. The PCC plans to explore product-ready digital asset solutions within a regulatory sandbox, encouraging responsible innovation while maintaining strict regulatory oversight. citeturn0search0.

 Statements from High-Level Officials The establishment of the PCC, according to Finance Minister Muhammad Aurangzeb, is a step toward embracing innovation while ensuring a regulatory framework that protects investors and the financial system, highlighting the government's proactive stance. He emphasized the commitment to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan's economic growth. citeturn0search6.

 Bilal Bin Saqib, the PCC's appointed Chief Advisor to the Finance Minister, emphasized the initiative's significance. He mentioned that the Council's goal is to build an ecosystem where digital finance and blockchain can thrive, making Pakistan a competitive player in the global digital economy while putting innovation, transparency, and security first.

 Conclusion:-

 The launch of the Pakistan Crypto Council signifies a monumental step in integrating digital assets into Pakistan's financial system. By establishing clear regulations and fostering innovation, the government aims to create a secure and progressive environment for the crypto industry. This initiative not only aligns Pakistan with global financial standards but also opens new avenues for economic growth and technological advancement.

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