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ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has emphasized that the goal behind launching the Pakistan Crypto Council is to regulate blockchain technology and digital assets, integrating them into the country’s financial system. This initiative aims to align Pakistan with global trends in digital finance and establish a regulatory framework for emerging financial technologies.
The statement came during a meeting at the Finance Division, where the Minister met with a delegation from Afiniti, an AI technology company. The discussion primarily focused on Afiniti’s business expansion in Pakistan, talent recruitment, and taxation policies.
The delegation, led by Jerome Vaughan Kapelus, CEO of Afiniti Software Solutions Pvt Ltd, included CFO Wedley Howard Fink, MD & GM Osman Asghar Khan, and Senior Vice President of Global HR Fakhar Ejaz.
Pakistan Crypto Council to Regulate Blockchain Technology
During the discussion, Minister Aurangzeb reiterated that the launch of the Pakistan Crypto Council is a strategic move to regulate and integrate blockchain technology into Pakistan’s financial landscape. The initiative seeks to create a transparent, well-defined regulatory framework that encourages investment in fintech, blockchain startups, and AI-driven financial solutions.
By implementing a structured approach to digital finance regulations, Pakistan aims to enhance its position in the global crypto economy while ensuring compliance with international financial standards.
Kapelus highlighted that nearly 80% of Afiniti’s operational support team is based in Karachi, Lahore, and Islamabad. He praised the exceptional talent in Pakistan’s IT and AI sectors, particularly engineers and computer scientists, stating that the country’s workforce has been instrumental in Afiniti’s global success.
Senator Aurangzeb reaffirmed the government’s commitment to supporting the IT sector, AI-driven businesses, and fintech startups. He identified IT, IT-enabled services (ITeS), and agriculture as key growth areas where Pakistan holds a competitive advantage.
The Minister also discussed ongoing taxation reforms, which focus on broadening the tax base through digitalization. He emphasized that the government aims to reduce the tax burden on salaried individuals and manufacturers by bringing previously untaxed sectors into the formal tax system. Additionally, he announced that simplified tax return forms for salaried individuals will be introduced by September, ahead of the next tax cycle.
The meeting concluded with a commitment from both the government and Afiniti to strengthen collaboration for fostering business growth, job creation, and technological advancement in Pakistan. Minister Aurangzeb assured the delegation that the government is dedicated to creating a business-friendly environment, particularly for IT, AI, and digital finance industries.
