Pakistan is preparing to legalize cryptocurrency as part of a broader strategy to attract international investment and establish a regulatory framework for digital assets, according to Bilal Bin Saqib, chief adviser to the finance minister on the Pakistan Crypto Council. The announcement, first reported by Bloomberg, signals a shift in the country’s approach to digital finance, aligning with global trends and the increasing adoption of Web3 technologies.
Saqib stated that Pakistan is no longer willing to remain on the sidelines in the crypto revolution and aims to build a structured environment for digital-asset activities. He emphasized that the country presents a lucrative opportunity for investors due to its low-cost, high-growth market, where 60% of the population is under the age of 30. With a Web3-native workforce already engaged in the digital economy, Pakistan seeks to position itself as a competitive hub for blockchain-based innovations.
The finance ministry had earlier revealed plans to establish a National Crypto Council, which will be responsible for overseeing policy development, addressing regulatory concerns, and ensuring that Pakistan’s digital asset ecosystem evolves in a secure and compliant manner. The council will also work closely with international partners to develop standardized frameworks for cross-border digital financial engagements.
Saqib linked Pakistan’s crypto ambitions to recent global developments, particularly in the United States, where former President Donald Trump has made digital assets a key part of his economic agenda. Trump has openly supported the crypto industry and has taken steps to position the US as the “Crypto Capital of the World.” His administration’s latest executive order on digital assets proposed the creation of a Crypto Strategic Reserve, which would include leading cryptocurrencies such as Bitcoin, Ether, XRP, SOL, and ADA.
Trump’s stance on cryptocurrency represents a stark contrast to the approach taken by his predecessor, Joe Biden, whose administration imposed stricter regulations on the industry to curb fraud and money laundering. Trump’s crypto-friendly policies have already led to a surge in the market value of key digital assets, and many countries, including Pakistan, are now reassessing their stance on digital finance in response.
Pakistan’s move to legalize cryptocurrency reflects a growing recognition of the sector’s potential to drive economic growth and innovation. By implementing a clear regulatory framework, the government hopes to create a conducive environment for crypto-related businesses, attract foreign investments, and tap into the global digital economy. With the establishment of the National Crypto Council, Pakistan is taking the first steps toward a structured and sustainable digital asset ecosystem, paving the way for a new era of financial technology in the country.
