Pakistan is stepping up its game in the crypto space, taking concrete steps to regulate digital assets and position itself as a global hub for blockchain innovation. This marks a major shift from its previous stance of uncertainty, as officials now aim to bring clarity and make the country more welcoming for international investors.
“Pakistan is done sitting on the sidelines. We need regulatory clarity and a business-friendly legal framework,” said Bilal Bin Saqib, CEO of the newly established Pakistan Crypto Council, in an interview with Bloomberg on March 20.
Youth-Powered Blockchain Growth
Saqib, who was recently appointed as an adviser to Pakistan’s finance minister for crypto policy, believes the country’s young population is a key driver of blockchain adoption.
“With 60% of our people under 30, we have a Web3-ready workforce eager to build,” he said.
Pakistan has already made its mark in the global crypto landscape. A report by Chainalysis ranked the country ninth in crypto adoption in 2023, with around 20 million users actively engaging in digital assets.
Saqib stressed the urgency for Pakistan to move quickly, especially as other countries embrace crypto. He also pointed to U.S. President Donald Trump’s push for a national Bitcoin reserve, calling him “the biggest bullish catalyst for crypto in history.” According to him, if global leaders are integrating crypto into financial strategies, Pakistan must not be left behind.
Pakistan’s Crypto Future: A National Crypto Council
The Pakistani government is now working towards setting up a National Crypto Council, a move that signals a potential shift in the country’s approach to digital assets. This council would bring together government officials, regulatory bodies, and industry experts to craft policies for the crypto sector.
Finance Minister Muhammad Aurangzeb recently met with a foreign delegation to discuss investment and policy development for the crypto industry. Among the attendees were key figures like entrepreneur Gentry Beach Jr., who pledged a $1 billion investment in Pakistan, blockchain consultant Alex Malkov, and Cosmic Wire CEO Jerad Finck.
For years, Pakistan’s government and central bank strongly opposed cryptocurrency. The State Bank of Pakistan had repeatedly warned against its use, and past finance ministers refused to consider legalizing digital assets. However, Aurangzeb is now advocating for a more open and forward-thinking approach.
With this shift in perspective, Pakistan is sending a clear message to the world: It is ready for the digital economy and open for crypto business.
