Pakistan Crypto Council Sets Up Committee for Digital Asset Regulations

The Pakistan Crypto Council (PCC) convened a high-level meeting at the Finance Division, chaired by Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue. The primary focus was to review a draft regulatory framework for digital and virtual assets, ensuring alignment with international standards and modern technological shifts.

To strengthen the drafting process, it was “agreed to constitute a technical committee comprising representatives from SBP, SECP, Law Division, and IT & Telecom Division.”

The committee will review proposed laws, recommend a governance structure, and submit a refined framework for approval at the Council’s next session.

The meeting also explored the creation of an autonomous regulatory authority tasked with overseeing Pakistan’s expanding digital finance and crypto ecosystem. This authority would focus on financial stability, transparency, and regulatory compliance, while supporting innovation in decentralized finance.

Minister Aurangzeb acknowledged the contributions of all participants, stating the government’s aim to create a “future-ready financial infrastructure that supports innovation while maintaining financial stability and regulatory compliance.”

Key figures in attendance included the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and secretaries from the Law and IT & Telecom Divisions.

While the ban on cryptocurrency remains in place, Finance Secretary Imdadullah Bosal emphasized the urgency for regulation. This aligns with PPP MNA Sharmila Farooqi’s recent bill on digital currency, introduced in the National Assembly’s Standing Committee on Finance.

On the same day, Bilal Bin Saqib, Minister of State and CEO of PCC, virtually participated and unveiled Pakistan’s first government-led Strategic Bitcoin Reserve.

He introduced a national bitcoin wallet, clarifying it holds “digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance.”

Globally, cryptocurrencies continue to gain traction. While El Salvador has adopted Bitcoin as legal tender, other countries like India, China, and Pakistan maintain restrictions, neither fully legalizing nor formally banning its use for trade or ownership.