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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Pakistan’s finance ministry has announced plans to explore the establishment of a National Crypto Council. This move marks a shift in the ministry’s stance on digital assets following a meeting with President Donald Trump’s digital asset advisors.
As a local source reported, Finance Minister Muhammad Aurangzeb met with a foreign delegation, including Gentry Beach Jr., a business associate who recently promised $1 billion in investments to Pakistan. The delegation also included tech entrepreneur Nikita Goldsmith, blockchain consultant Alex Malkov, and Cosmic Wire CEO Jerad Finck.
The delegation, which the U.S. Embassy did not officially announce, discussed the country’s global rise of cryptocurrencies and regulatory frameworks.
Pakistan to Establish National Crypto Council Amid Policy Shift
Until last year, Pakistan’s government and central bank strongly opposed cryptocurrency regulation. Previous finance ministers had dismissed the idea of legalizing digital assets, and the State Bank of Pakistan had warned against their use.
However, Aurangzeb has now indicated a shift, urging an “open-minded” approach to evaluating the sector.
The proposed National Crypto Council would be an advisory body comprising government representatives, regulatory authorities, and industry experts, as the finance ministry claims.
The council would focus on policy development, regulatory challenges, and ensuring compliance with international financial standards. It would also collaborate with foreign partners to establish frameworks for digital economic cooperation.
Discussions during the meeting addressed financial security, risk management, and the economic implications of digital assets in Pakistan.
Aurangzeb emphasized the need for a well-regulated framework that aligns with global best practices and the Financial Action Task Force (FATF) guidelines.
The meeting also explored the potential tokenization of infrastructure and state-owned enterprises, which would increase liquidity and investor participation.
Furthermore, the finance minister acknowledged the challenges faced by Pakistani investors, noting that while the country has over 20 million active digital asset users, high transaction fees and regulatory uncertainty remain significant obstacles.
He reassured that the government is committed to creating clear and secure regulations to address these issues and support growth in the sector.
As a next step, Aurangzeb has directed policymakers to draft a comprehensive framework balancing innovation with strict oversight.
The discussions concluded with a consensus on adopting a cautious but forward-looking strategy, ensuring that future developments in the digital asset space align with national interests and international financial standards.
A Global Race For Crypto Adoption and Regulation
Pakistan’s stance on digital assets is shifting. As reported on November 4, the State Bank of Pakistan (SBP) is proposing a policy framework that could legalize cryptocurrencies and establish a central bank digital currency (CBDC).
The plan would allow state banks to issue digital currency while penalizing unauthorized issuers. This could make cryptocurrency trading and blockchain-based transactions under-regulated financial services in the country if approved.
This marks a stark reversal from Pakistan’s previous anti-crypto stance. In 2023, government officials suggested an outright ban.
Now, with inflation driving demand for alternative assets, the SBP appears to be entering the crypto space through digital rupee to maintain control over monetary policy, and a launch is reportedly targeted for 2025.
Meanwhile, global crypto regulation is gaining momentum. The U.S. is reshaping its approach under President Trump’s administration, which has reversed restrictive SEC policies and issued an executive order supporting blockchain innovation.
Across the Atlantic, the EU’s MiCA framework is also setting regulatory standards, enabling licensed crypto firms to operate across the European Economic Area.
As major economies define their crypto policies, Pakistan’s regulatory direction could influence its role in the global digital asset market.
