Pakistan Crypto Council Forms Technical Committee to Draft Crypto Laws

Pakistan-Crypto-Council-Forms-Technical-Committee-to-Draft-Crypto-Laws

Introduction

In a landmark move towards embracing digital finance, the Government of Pakistan has officially launched the Pakistan Crypto Council (PCC), a government-backed initiative aimed at regulating and integrating blockchain technology and digital assets into the country's financial landscape. The PCC has now formed a technical committee tasked with drafting comprehensive cryptocurrency laws and regulations, signaling a proactive approach to the evolving digital economy.

Background of the Pakistan Crypto Council

The PCC was established in March 2025 under the auspices of the Ministry of Finance. The council is chaired by Finance Minister Muhammad Aurangzeb, with Bilal Bin Saqib appointed as the Chief Executive Officer. The council's board includes key figures such as the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the federal secretaries for law and information technology. This diverse leadership structure ensures a comprehensive approach to regulating and fostering innovation in the crypto space.

Formation of the Technical Committee

The newly formed technical committee within the PCC is composed of experts from various sectors, including finance, law, information technology, and blockchain technology. The committee's primary objective is to draft clear and comprehensive laws and regulations governing the use, trading, and taxation of cryptocurrencies in Pakistan. This initiative aims to provide legal clarity and foster a secure environment for investors and innovators in the digital asset space.

Objectives and Mandate

The technical committee's mandate includes:

• Developing a regulatory framework for cryptocurrencies and digital assets.
• Ensuring compliance with international standards, including those set by the Financial Action Task Force (FATF).
• Promoting innovation in blockchain technology while safeguarding consumer interests.
• Facilitating the integration of digital assets into Pakistan's financial system.

By addressing these objectives, the committee aims to position Pakistan as a competitive player in the global digital economy.

Significance of the Initiative

Pakistan's move to formalize cryptocurrency regulations comes at a time when the country is experiencing significant growth in digital asset adoption. With an estimated 20 million active cryptocurrency users and annual transactions exceeding $20 billion, the need for a structured regulatory framework has become increasingly apparent.

The establishment of the PCC and its technical committee reflects the government's commitment to embracing technological advancements and integrating them into the national economy. This proactive approach is expected to attract foreign investment, enhance financial inclusion, and stimulate economic growth.

International Collaboration and Compliance

The PCC plans to engage with international crypto and blockchain organizations to ensure that Pakistan's regulatory framework aligns with global best practices. By collaborating with entities such as the International Monetary Fund (IMF) and adhering to FATF guidelines, Pakistan aims to foster a compliant and secure digital asset ecosystem.

Future Prospects

The formation of the technical committee is a significant step towards the legalization and regulation of cryptocurrencies in Pakistan. As the committee progresses in drafting the necessary laws, stakeholders anticipate a more transparent and structured environment for digital assets. This development is expected to encourage innovation, attract investment, and position Pakistan as a leader in the adoption of blockchain technology in the region.