Pakistan has taken a significant step toward regulating digital assets, as the Pakistan Crypto Council (PCC) convened a follow-up session on Thursday to assess the development of a legal framework governing cryptocurrencies and virtual assets.
Chaired by Federal Finance Minister Senator Muhammad Aurangzeb, the high-level meeting was held in Islamabad and included virtual participation from Bilal Bin Saqib, Minister of State and Special Assistant to the Prime Minister on Blockchain and Crypto, as well as CEO of the Pakistan Crypto Council.
Senior officials including the Governor of the State Bank of Pakistan (SBP), Chairman of the Securities and Exchange Commission of Pakistan (SECP), Secretary of the Law & Justice Division, and Secretary of the Ministry of Information Technology & Telecommunication were also in attendance.
The Ministry of Law and Justice presented a draft version of the anticipated legislation, crafted through consultations with the PCC, key regulators, and technical experts. The proposed law lays out a detailed regulatory structure for digital and virtual assets, including provisions for governance, licensing, and investor protections.
Aligned with global standards and best practices, the framework is designed to place Pakistan among emerging leaders in the digital asset space.
Commending the joint efforts of all stakeholders, Finance Minister Aurangzeb stressed the urgency of completing and implementing the framework. “It is critical to provide legal clarity and unlock the economic opportunities associated with blockchain and crypto technologies,” he said.
The draft was carefully reviewed during the meeting and refined based on expert input. Participants agreed to fast-track the in-principle approval process to enable timely legislative action and smooth implementation of the regulatory structure.
