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June 5, 2025: To regulate the digital asset ecosystem, a follow-up meeting of the Pakistan Crypto Council (PCC) was held, chaired by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. This high-level gathering focused on reviewing progress on a comprehensive regulatory framework for digital and virtual assets in the country.
The meeting saw the participation of key figures, including Mr. Bilal Bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and CEO of the Pakistan Crypto Council, who joined virtually. Also in attendance were the Governor of the State Bank of Pakistan (SBP), Chairman of the Securities and Exchange Commission of Pakistan (SECP), and Secretaries from the Law & Justice Division and the Ministry of Information Technology & Telecommunication.
A significant development during the session was the tabling of a draft legal framework by the Ministry of Law and Justice. This draft, developed through extensive collaboration with PCC members, stakeholders, and technical experts, aims to establish a robust regulatory structure. It encompasses critical aspects such as governance mechanisms, licensing protocols, and investor protection provisions. The framework is designed to align with international practices, with the ultimate goal of positioning Pakistan as a forward-looking participant in the global digital asset ecosystem.
Finance Minister Muhammad Aurangzeb commended the collaborative efforts and emphasized the urgency of finalizing and operationalizing this framework. He highlighted its importance in providing legal certainty and unlocking the economic potential of blockchain and crypto technologies within Pakistan. Following a thorough review and refinement of the draft, a collective agreement was reached to fast-track the in-principle approval process, ensuring timely enactment and effective implementation.
While there have been some mixed signals regarding the legal status of cryptocurrencies in Pakistan, with the SBP previously advising caution due to the absence of a legal framework, the ongoing efforts by the PCC and the Finance Ministry indicate a move towards formal regulation rather than an outright ban.
