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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Pakistan has taken a major step toward formalizing cryptocurrency regulations by appointing Bilal bin Saqib as the Chief Advisor to the Finance Minister for the Pakistan Crypto Council.
The move reflects the government’s push to integrate blockchain and digital assets into its financial system while ensuring a secure and transparent regulatory framework, the Finance Division announced on Wednesday.
Forbes-Recognized Web3 Investor Saqib Joins as Blockchain Strategist
Saqib, a Forbes-recognized Web3 investor and blockchain strategist, brings a wealth of expertise to the role.
He is also the recipient of the 1632nd Points of Light Award, an honor bestowed by the British Prime Minister to recognize influential change-makers.
Additionally, he was awarded an MBE (Member of the British Empire) in 2023 for his contributions to the UK’s National Health Service (NHS).
As Pakistan weighs cryptocurrency regulations, Saqib’s role will focus on shaping policies that align with international standards while addressing potential risks associated with digital assets.
The Finance Division emphasized that Saqib’s expertise would be instrumental in guiding Pakistan’s approach to cryptocurrency and blockchain integration.
His responsibilities include advising on the development of a robust legal framework to ensure regulatory clarity and security.
“Saqib will lend his great knowledge and experience to Pakistan’s efforts to integrate cryptocurrency and blockchain technologies into its financial ecosystem while ensuring the development of a robust regulatory framework for digital assets in alignment with global best practices,” the Finance Division stated.
Additionally, his role will extend beyond crypto, as he is tasked with exploring how artificial intelligence (AI) can enhance government efficiency, improve decision-making, and foster innovation in public administration.
Finance Minister Muhammad Aurangzeb welcomed Saqib’s appointment, emphasizing the government’s commitment to technological innovation while maintaining financial security.
“Saqib’s appointment underscores our commitment to embracing emerging technologies while ensuring a secure and transparent financial system. We are confident that his leadership will guide the development of a sound and effective regulatory framework, fostering innovation and sustainable growth in Pakistan’s crypto sector,” Aurangzeb stated.
Pakistan Aims to Regulate Crypto with New Advisory Council
Last week, Pakistan’s finance ministry announced plans to explore the establishment of a National Crypto Council.
As 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.
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.
