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Pakistan Makes Another Big Move: New Draft on Crypto Regulation

Published by
Qadir AK

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.

Crypto Regulation Draft Underway in Pakistan

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.

What the Crypto Draft Aims to Solve

The regulatory draft aims to:

  • Formalize the crypto sector, currently operating in a legal grey area
  • Establish clear licensing rules and compliance mechanisms
  • Protect retail investors from fraud and manipulation
  • Encourage financial innovation through responsible blockchain adoption
  • Build a future-ready digital financial infrastructure

These measures are expected to bring digital assets into Pakistan’s financial mainstream while aligning with international best practices.

Key Players in the Discussion

The meeting included major government and regulatory leaders:

  • Bilal Bin Saqib, Minister of State and Special Assistant to the Prime Minister on Blockchain & Crypto, and CEO of PCC
  • Governor of SBP (attending remotely)
  • Chairperson of SECP
  • Secretaries from Law and IT Ministries

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).

Looking Ahead: A Future-Ready Financial System

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.

FAQs

What role does the Pakistan Crypto Council play?

The council, led by Bilal bin Saqib, advises the government on blockchain policies, Web3 development, and AI-driven financial innovation.

How many crypto users are there in Pakistan?

Pakistan has about 25 million active crypto users and sees an estimated $300 billion in annual transaction volume.

What is the Pakistan Digital Asset Authority (PDAA)?

The PDAA is a new agency to regulate crypto, DeFi, and tokenization, but it’s under scrutiny due to unclear legal frameworks.

How much does it cost to mine one Bitcoin in Pakistan?

At current rates, mining one Bitcoin in Pakistan could cost up to $132,000 due to expensive electricity and poor grid infrastructure.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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