Pakistan is taking a big leap toward regulating the crypto space—despite cryptocurrency still being illegal in the country. On June 2, the Pakistan Crypto Council (PCC) held a high-level meeting in Islamabad to draft a regulatory framework for digital and virtual assets, marking a major shift in the nation’s crypto policy direction.
The meeting was chaired by Finance and Revenue Minister Senator Muhammad Aurangzeb. Key stakeholders, including the Governor of the State Bank of Pakistan (SBP), SECP Chairperson, and law and IT ministry officials, joined to outline a path forward for digital assets.
The goal? To create a secure, transparent, and innovation-friendly crypto ecosystem that also addresses investor protection and financial inclusion.
“Members of the Council provided valuable input to ensure a secure, transparent, and innovation-friendly regulatory environment, with the goal of promoting responsible blockchain adoption, safeguarding investors, and advancing financial inclusion,” stated the finance division.
The regulatory draft aims to:
These measures are expected to bring digital assets into Pakistan’s financial mainstream while aligning with international best practices.
The meeting included major government and regulatory leaders:
Their collective insights will guide the shaping of a crypto policy that supports innovation while keeping compliance and consumer protection front and center.
Despite the progressive regulatory talks, crypto remains officially banned in Pakistan. On May 30, the National Assembly’s Standing Committee on Finance reaffirmed the ban, classifying all crypto activity as illegal.
The State Bank of Pakistan (SBP) still prohibits banks, DFIs, electronic money institutions, and payment providers from engaging in any crypto-related activity.
Moreover, any entity involved in crypto transactions is subject to potential investigation by the Federal Investigation Agency (FIA).
Pakistan’s Finance Minister praised the discussions and emphasized the need for a modern financial framework that can support emerging technologies like blockchain.While crypto remains outlawed for now, the new draft signals that Pakistan is preparing for a regulated digital future, potentially opening doors to legal crypto adoption down the road.
The council, led by Bilal bin Saqib, advises the government on blockchain policies, Web3 development, and AI-driven financial innovation.
Pakistan has about 25 million active crypto users and sees an estimated $300 billion in annual transaction volume.
The PDAA is a new agency to regulate crypto, DeFi, and tokenization, but it’s under scrutiny due to unclear legal frameworks.
At current rates, mining one Bitcoin in Pakistan could cost up to $132,000 due to expensive electricity and poor grid infrastructure.
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