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Pakistan is rapidly establishing itself as one of the world’s top countries for crypto adoption, with an estimated 20 million users actively engaging in digital currencies. This was revealed by Pakistan Crypto Council (PCC) CEO Bilal Bin Saqib on Friday.
The PCC, which was recently formed by the government, is working to introduce a legal framework for cryptocurrency in the country. While cryptocurrency trading remains unregulated in Pakistan, it is neither illegal nor explicitly banned. As of January 16, 2021, the State Bank of Pakistan has not granted authorization to any individuals or businesses for virtual currency transactions.
Speaking on Geo News, Saqib stated, “Around 20 million crypto users are in Pakistan. We are coming on number three and four globally, and there are many blockchain technology opportunities in Pakistan.”
Regulatory Framework in Development
The PCC is actively working on policies to regulate crypto exchanges, licensing, and other digital asset-related activities in the country. The goal is to establish a secure and structured environment that safeguards investors and prevents financial losses.
Saqib further highlighted that only 0.24% of cryptocurrency transactions globally are linked to illicit activities. He emphasized, “We want to use this technology for other things like real estate, agriculture, and to unlock their liquidity.”
However, he did not provide a definitive timeline for when cryptocurrency would be legalized in Pakistan.
Pakistan’s Competitive Edge in Crypto
In an earlier interview with Bloomberg, Saqib—who is recognized by Forbes as a Web3 investor and blockchain strategist—noted that Pakistan offers some of the lowest operational costs for crypto businesses, making it a viable alternative to established hubs like Dubai and Singapore.
To foster growth, regulatory sandboxes are being introduced to fast-track crypto startups, ensuring they operate within a compliant framework. Additionally, Pakistan is collaborating with the UAE to learn from its regulatory model and is also working with Nigeria and Turkiye on crypto policy development.
On the topic of taxation, Saqib stated that the government aims to introduce a “balanced pro-growth tax structure” to encourage foreign investment in digital assets. He also stressed that cryptocurrency could revolutionize Pakistan’s fintech sector, potentially positioning the country as a leader in digital finance across the region.
