Pakistan is gearing up to establish a legal framework for cryptocurrency trading as part of its broader efforts to attract international investment and develop a regulated digital economy. According to a report by Bloomberg, the country aims to introduce clear guidelines for governing digital assets, a move that could transform its financial landscape and position it as a key player in the global crypto ecosystem.
Bilal bin Saqib, Chief Executive Officer of the Pakistan Crypto Council, revealed in an interview with Bloomberg TV that the government is working on devising a structured regulatory framework to oversee cryptocurrency activities. The initiative comes in response to the growing popularity of digital assets in Pakistan, where millions of users actively trade crypto despite regulatory uncertainties and past warnings from SBP regarding the risks associated with digital currencies.
Pakistan ranks ninth globally in terms of cryptocurrency adoption, according to a report by blockchain research firm Chainalysis. Saqib estimates that the country has between 15 million and 20 million crypto users, highlighting the strong demand for digital assets despite the lack of formal regulatory oversight. The widespread use of crypto reflects the evolving financial preferences of Pakistan’s young and tech-savvy population, with over 60% of citizens under the age of 30.
“Pakistan is done sitting on the sidelines,”
Saqib stated, emphasizing the government’s commitment to leveraging its low-cost, high-growth market to attract international investors. He pointed out that the country possesses a Web3-native workforce, making it well-positioned to become a hub for blockchain development and innovation.
The government’s decision to explore cryptocurrency regulation follows the recent appointment of Bilal bin Saqib as the chief advisor to the finance minister for digital asset management. His role includes advising on strategies to integrate artificial intelligence into governance, enhance decision-making processes, and drive technological innovation in public sector operations. These efforts align with the government’s broader digital transformation agenda, which seeks to modernize Pakistan’s financial and administrative systems.
Pakistan’s move toward cryptocurrency regulation also coincides with shifting attitudes toward digital assets in key Asian markets. Lawmakers across the region are increasingly warming up to crypto, driven in part by former U.S. President Donald Trump’s pro-crypto stance, which has sparked global discussions on the future of digital currencies.
“Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit.”
The proposed legal framework could bring legitimacy to Pakistan’s crypto sector, unlocking new economic opportunities and fostering investor confidence. However, challenges remain, including concerns over regulatory enforcement, cybersecurity risks, and compliance with international financial regulations. If successfully implemented, Pakistan’s crypto-friendly policies could pave the way for increased blockchain adoption, enhanced financial inclusion, and a more robust digital economy. The coming months will be crucial as policymakers work to finalize regulations and address potential hurdles in bringing cryptocurrency trading into the legal mainstream.
