Govt forms Crypto Council to regulate digital assets

 

ISLAMABAD: Pakistan has taken a major step towards regulating cryptocurrency by forming the Pakistan Crypto Council, a high-powered body aimed at establishing clear guidelines for digital asset adoption. The move signals the government’s intent to bring transparency and stability to a sector long operating in regulatory limbo.

The council, constituted by Prime Minister Shehbaz Sharif, will be chaired by Minister for Finance and Revenue Muhammad Aurangzeb, demonstrating the government’s commitment to the evolving digital economy.

The council includes key officials such as the State Bank governor, federal secretaries for law and justice and information technology, and Bilal Bin Saqib, Chief Advisor to the Finance Minister on the Pakistan Crypto Council, has been appointed as the CEO of the Council, bringing his expertise in blockchain technology, investment strategy, and digital innovation to spearhead the initiative.

The subject matter experts are expected to join in subsequent phases.

The government’s decision to set up a dedicated council comes amid increasing global and domestic interest in digital currencies and blockchain technology.

Pakistan, which has seen a surge in crypto transactions despite regulatory uncertainty, is looking to balance innovation with financial security.

The council will prioritize establishing clear regulatory guidelines to facilitate crypto adoption, engaging with international crypto and blockchain organizations to ensure best practices, encouraging responsible innovation by working closely with key players in the industry, including fintech startups, investors, and blockchain developers, protecting consumers and ensuring financial security through robust legal and compliance frameworks.

The move signals a shift from past skepticism toward integration within the financial system, mirroring approaches in India and the UAE, where

governments are integrating digital assets within existing financial frameworks.

Sources said international collaboration would be a key focus, ensuring compliance with anti-money laundering and counter-terrorism financing rules. While the central bank has previously warned of crypto risks, structured regulations could reshape Pakistan’s financial landscape and digital economy.

Speaking on the launch of the Council, Finance Minister Muhammad Aurangzeb said, “The world is moving rapidly toward digital finance, and Pakistan wishes to be a leader in the space. The establishment of the Pakistan Crypto Council is a step towards embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system. We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth.”

Bilal Bin Saqib emphasized the significance of this initiative, stating: “This council is not just about regulations — it’s about creating an ecosystem where blockchain and digital finance can thrive. Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritizing security, transparency, and innovation.

By bringing together key stakeholders, we aim to strike a balance between progressive policymaking and fostering an environment where entrepreneurs and businesses can confidently explore the potential of blockchain technology.”