Islamabad, Feb 26: The federal government is exploring the establishment of a National Crypto Council to oversee the development and regulation of digital assets and blockchain technology in Pakistan. Federal Minister for Finance and Revenue, Muhammad Aurangzeb, highlighted this initiative during a high-level meeting on digital assets held on Tuesday.
The proposed National Crypto Council will function as an advisory body, bringing together key government officials, regulatory authorities, and industry experts. Its primary objective will be to formulate policies, address regulatory concerns, and ensure a secure and compliant digital asset ecosystem. Additionally, the council will collaborate with international partners to develop standardized frameworks for cross-border digital transactions.
Ensuring Security and Compliance
During the meeting, Finance Minister Muhammad Aurangzeb directed stakeholders to develop a comprehensive regulatory framework that prioritizes:
- Security and Transparency in digital transactions
- Regulatory Compliance to prevent financial crimes
- Economic Viability to attract investments
- Innovation and Growth in the blockchain sector
He emphasized the need for a balanced approach—one that fosters investment and technological advancements while ensuring strict adherence to global regulatory standards, including Financial Action Task Force (FATF) guidelines.
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Global Trends and Policy Alignment
Participants discussed the increasing global adoption of cryptocurrency and the regulatory frameworks implemented by various countries, particularly the United States. The meeting covered financial security risks, risk mitigation strategies, and the potential economic impact of digital assets in Pakistan.
The tokenization of key assets, including state-owned enterprises (SOEs) and critical infrastructure, was also discussed. This process could enhance liquidity, broaden investor participation, and improve capital market efficiency. Notably, both local and international investors have already developed digital asset solutions that could be tested within a regulatory sandbox.
Digital Asset Market Growth in Pakistan
Pakistan’s digital asset market currently has over 20 million active users, many of whom face challenges such as high transaction fees and regulatory uncertainty. To address these issues, the government aims to introduce a structured regulatory framework that encourages digital business growth while maintaining financial integrity.
The meeting concluded with a consensus on adopting a cautious yet progressive approach, ensuring that Pakistan’s digital asset ecosystem aligns with national interests, FATF guidelines, and global financial standards.
Several key officials and foreign delegates attended the meeting, including Shaza Fatima Khawaja, Minister of State for IT & Telecom, the Governor of the State Bank, and senior representatives from the Finance and IT ministries.
