Pakistan Doubles Down on Crypto: Draft Regulation Signals Major Policy Shift
Another day, another government scrambling to catch up with decentralized finance—this time it’s Pakistan rolling out fresh crypto rules. Will it foster innovation or just add bureaucratic friction? Place your bets.
Subheading: From Ban to Framework—Pakistan’s Crypto Whiplash
Islamabad’s latest draft proposal marks a stark pivot from its 2021 crypto ban. The move aligns with global trends—even traditional finance dinosaurs are finally admitting blockchain isn’t just for drug dealers and meme traders anymore.
Subheading: The Devil’s in the (Unpublished) Details
No specifics yet on licensing or taxation, but insiders hint at a hybrid approach: tight enough to please the IMF, loose enough to avoid killing the industry. Classic regulatory tightrope-walking—good luck with that.
Closing Thought: If history’s any guide, these rules will either be obsolete by launch or so draconian they’ll push innovation offshore. Meanwhile, Bitcoiners keep stacking sats while bureaucrats draft paragraph 37(b) on ‘approved wallet colors.’
On June 2, the Pakistan Crypto Council (PCC) held a high-level meeting in Islamabad to draft a regulatory framework for digital and VIRTUAL assets, marking a major shift in the nation’s crypto policy direction.
Crypto Regulation Draft Underway in Pakistan
The meeting was chaired by Finance and Revenue Minister Senator Muhammad Aurangzeb. Key stakeholders, including the,, and, joined to outline a path forward for digital assets.
The goal? To create acrypto ecosystem that also addresses investor protection and financial inclusion.
“Members of the Council provided valuable input to ensure a secure, transparent, and innovation-friendly regulatory environment, with the goal of promoting responsible blockchain adoption, safeguarding investors, and advancing financial inclusion,” stated the finance division.
What the Crypto Draft Aims to Solve
The regulatory draft aims to:
- Formalize the crypto sector, currently operating in a legal grey area
- Establish clear licensing rules and compliance mechanisms
- Protect retail investors from fraud and manipulation
- Encourage financial innovation through responsible blockchain adoption
- Build a future-ready digital financial infrastructure
These measures are expected towhile aligning with international best practices.
Key Players in the Discussion
The meeting included major government and regulatory leaders:
- Bilal Bin Saqib, Minister of State and Special Assistant to the Prime Minister on Blockchain & Crypto, and CEO of PCC
- Governor of SBP (attending remotely)
- Chairperson of SECP
- Secretaries from Law and IT Ministries
Their collective insights will guide the shaping of a crypto policy that supports innovation while keeping compliance and consumer protection front and center.
Legal Status of Crypto in Pakistan: Still Banned
Despite the progressive regulatory talks,in Pakistan. On, thereaffirmed the ban, classifying all crypto activity as illegal.
Thestill prohibits banks, DFIs, electronic money institutions, and payment providers from engaging in any crypto-related activity.
Moreover, any entity involved in crypto transactions is subject to potential investigation by the.
Looking Ahead: A Future-Ready Financial System
Pakistan’s Finance Minister praised the discussions and emphasized the need for a modern financial framework that can support emerging technologies like blockchain.While crypto remains outlawed for now, the new draft signals that, potentially opening doors to legal crypto adoption down the road.
