Govt forms Pakistan Crypto Council to regulate digital currencies

The finance ministry of Islamabad has formed a “Pakistan Crypto Council” to explore the legalization of cryptocurrencies in the country, reported 24NewsHD TV channel on Friday. 

The change in position came after Finance Minister Muhammad Aurangzeb had a meeting on digital assets with a foreign delegation that included US President Donald Trump’s advisers. 

The development marks a significant step toward regulating and promoting digital assets in the country. 

The newly formed body aims to provide clear regulatory guidelines, engage with global blockchain organizations, and foster responsible innovation in the financial technology sector.

According to the Ministry of Finance, Muhammad Aurangzeb, the federal minister of finance, will serve as the head of the council. 

Meanwhile, Bilal Bin Saqib, the chief advisor to the finance minister on the Pakistan Crypto Council, has been appointed as the council’s chief executive officer (CEO). 

Saqib brings extensive expertise in blockchain technology, investment strategies, and digital innovation, which will be instrumental in leading the council's initiatives.

The Pakistan Crypto Council will consist of high-ranking officials, including the governor of the State Bank of Pakistan (SBP), the Chairman of Pakistan's Securities and Exchange Commission (SECP), the federal secretary for law, and the federal secretary for information technology.

 The council will be responsible for developing comprehensive regulatory frameworks to facilitate the adoption of cryptocurrencies while ensuring financial security and consumer protection.

The council’s key objectives include---

Regulatory Framework: Formulating clear guidelines to regulate cryptocurrency adoption in Pakistan.

Global Integration: Establishing connections with international blockchain and crypto organizations to implement global best practices.

Innovation and Investment: Collaborating with fintech startups, investors, and blockchain developers to promote responsible innovation in the digital financial sector.

Consumer Protection: Developing strong legal and compliance frameworks to safeguard financial security and prevent fraudulent activities.