Pakistan has announced plans to set up a National Crypto Council to develop legislation and regulatory frameworks for the digital asset sector. This decision comes following a high-level meeting between Pakistani officials and U.S. President Donald Trump’s digital asset advisors, according to a report by local news outlet Dawn.
A Dedicated Crypto Advisory Body
The proposed council will serve as a dedicated advisory body comprising government representatives, regulatory authorities, and industry experts. The council’s primary objective will be to:
- Develop a standardized legal framework for cryptocurrencies.
- Oversee policy formulation and enforcement.
- Engage with international counterparts to align with global crypto standards.
Shifting Stance on Crypto Regulation
Until last year, Pakistan’s Finance Ministry had maintained a cautious stance, opposing any formal regulation of cryptocurrencies. However, in a major policy turnaround, Finance Minister Muhammad Aurangzeb stated that he is open to discussions on crypto regulation.
“We recognize the importance of a well-regulated digital asset framework and will approach this matter with an open mind,” Aurangzeb said in a statement.
International Influence on Crypto Policies
Aurangzeb also attended a key meeting with a foreign delegation, which included President Trump’s digital asset advisors. The meeting reportedly focused on Pakistan’s potential adoption of a structured crypto regulatory system, inspired by recent U.S. policy shifts under Trump’s administration.
The United States has been moving toward more crypto-friendly regulations, with Trump’s administration signaling support for digital assets and blockchain innovation. As a result, several nations, including Pakistan, are evaluating their stance on crypto to ensure they remain competitive in the global financial ecosystem.
Pakistan’s Evolving Crypto Landscape
Despite previous regulatory hesitations, Pakistan has seen growing interest in cryptocurrency adoption. The country ranks among the top markets for crypto transactions in South Asia, with a significant portion of its youth and tech-savvy population investing in digital assets. However, the lack of clear regulatory policies has led to concerns about fraud, financial crimes, and money laundering risks.
The establishment of the National Crypto Council marks a significant step toward creating a legal and secure environment for cryptocurrency transactions in Pakistan.
With the formation of a dedicated regulatory body, Pakistan is set to join the global movement of nations embracing digital asset regulations. The country’s collaboration with international advisors and the influence of U.S. policy shifts could pave the way for a well-structured and transparent crypto framework.
The success of the National Crypto Council will depend on its ability to balance innovation with regulation, ensuring that the crypto industry flourishes while maintaining financial security and consumer protection. As Pakistan moves forward, industry stakeholders will closely monitor policy developments and potential regulatory rollouts in the coming months.
