Islamabad: The Finance Division announced on Tuesday that the government is considering the establishment of a National Crypto Council to regulate and oversee the development of Pakistan’s digital asset ecosystem. The initiative aims to align the country’s financial system with global regulatory standards while fostering responsible growth in the sector.
The proposal emerged during a high-level meeting on digital assets, chaired by Finance Minister Muhammad Aurangzeb. The council is expected to function as an advisory body, bringing together government officials, regulatory authorities, and industry experts. Its primary responsibilities would include formulating policies, addressing regulatory concerns, and collaborating with international partners to establish standardized frameworks for digital financial transactions.
The meeting was attended by foreign advisors on digital assets from the U.S. government, along with Minister of State for IT & Telecom Shaza Fatima Khawaja, the Governor of the State Bank of Pakistan, and senior officials from the Finance and IT ministries. Participants discussed global trends in cryptocurrency, international regulatory models, financial security risks, and the potential economic impact of digital assets on Pakistan.
Finance Minister Aurangzeb emphasized the importance of a well-regulated digital asset framework, ensuring compliance with Financial Action Task Force (FATF) guidelines. He highlighted the government’s commitment to blockchain technology and the possibility of tokenizing key infrastructure and state-owned enterprise (SOE) assets to enhance liquidity and attract investment in capital markets.
The Finance Division noted that Pakistan has over 20 million active users in the digital asset market, many of whom face high transaction costs and regulatory uncertainty. To address these concerns, Aurangzeb directed stakeholders to draft a comprehensive regulatory framework that ensures security, transparency, compliance, and economic viability while mitigating risks associated with financial crimes.
The meeting concluded with a consensus on adopting a cautious yet progressive approach toward digital assets, balancing innovation and investment with strict regulatory oversight to align with FATF and global financial regulations.
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