Pakistan wants to streamline crypto regulation and oversight.
The Pakistan Crypto Council (PCC) will help align the country’s crypto ecosystem with global trends.
Pakistan has established the Pakistan Crypto Council (PCC) to oversee the adoption and regulation of blockchain technology and digital assets.
According to details, the PCC will help advance crypto adoption within the country’s financial ecosystem.
Senator Muhammad Aurangzeb, Pakistan’s Finance Minister will chair the PCC, with the team including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries.
At a February meeting on digital assets, Aurangzeb emphasized the significance of Pakistan developing a well-regulated digital asset framework. According to the government, this is what will align the country with international best practices. This will also add to compliance with the Financial Action Task Force (FATF) guidelines.
This and the announcement on March 15 signals a dramatic reversal from the nation’s prior stance, which barred cryptocurrency due to concerns over money laundering and terror financing.
Amid this latest move, Pakistan looks focused on becoming one of the crypto innovation and adoption hubs.
Pakistan’s shift comes as the country ranks among the top nations for crypto adoption, boasting approximately 20 million active users and over $20 billion in transactions annually.
The nation’s $35 billion remittance market stands to gain significantly from this pivot.
It’s one of PCC’s agenda that the country moves towards crafting clear regulatory guidelines, collaborating with global blockchain entities, and prioritizing consumer protection and financial security through a strong legal framework.
Pakistan eyes clear crypto framework
Pakistan is taking the big move follows Saqib’s appointment, which the Ministry of Finance hailed as “a significant step forward.”
Together, these initiatives will help harness digital currencies’ potential while mitigating risks. The PCC mandate seeks to balance innovation with accountability, aligning Pakistan with international trends in digital finance and reinforcing its economic ambitions on the world stage.
Across the globe, the United States recently created a strategic bitcoin reserve, held an inaugural White House crypto summit and has new pro-crypto leadership at key government agencies.
Meanwhile, the European Union’s Markets in Crypto-Assets (MiCA) is in full effect and Russia is reportedly tapping into crypto for oil trade.
