In a significant move reflecting the country’s growing interest in digital assets, the Government of Pakistan has recently issued two key notifications. The first, dated March 5, 2025, appoints Mr. Bilal Bin Saqib as the Chief Advisor to the Finance Minister on the Pakistan Crypto Council. The second, dated March 14, 2025, formally constitutes the “Pakistan Crypto Council” under the directives of the Prime Minister. These developments underscore the government’s intent to explore and formalize a regulatory framework for cryptocurrencies and blockchain technology within Pakistan.
1. 𝐓𝐡𝐞 𝐂𝐡𝐢𝐞𝐟 𝐀𝐝𝐯𝐢𝐬𝐨𝐫 𝐀𝐩𝐩𝐨𝐢𝐧𝐭𝐦𝐞𝐧𝐭.
According to the first notification, the Finance Minister has been pleased to appoint Mr. Bilal Bin Saqib as Chief Advisor to the Finance Minister on Pakistan Crypto Council. Notably, the notification highlights that the Chief Advisor will work on a pro bono basis, indicating a spirit of public service and dedication to advancing Pakistan’s crypto and blockchain agenda without any direct financial compensation.
Key Takeaways from the Appointment:
Expertise and Guidance: By appointing a Chief Advisor, the government aims to bring specialized knowledge and leadership to shape policies that ensure balanced crypto adoption.
Collaborative Role: The Chief Advisor is expected to engage with stakeholders—ranging from local regulators and ministries to international experts—to formulate practical and secure frameworks for cryptocurrencies.
2. 𝐅𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 𝐂𝐫𝐲𝐩𝐭𝐨 𝐂𝐨𝐮𝐧𝐜𝐢𝐥.
Shortly after the advisor’s appointment, the second notification announces the establishment of the “Pakistan Crypto Council” under the leadership of the Prime Minister. This council comprises:
1. Minister for Finance and Revenue
2. Governor, State Bank of Pakistan
3. Federal Secretary, Law and Justice Division
4. Chairman, Federal Board of Revenue (FBR)
5. Chief Advisor to the Finance Minister
This cross-institutional composition reflects a multi-pronged approach, ensuring that different aspects of finance, law, taxation, and technological innovation are harmonized under one umbrella.
𝐂𝐨𝐮𝐧𝐜𝐢𝐥’𝐬 𝐓𝐞𝐫𝐦𝐬 𝐨𝐟 𝐑𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞 (𝐓𝐨𝐑𝐬):
1.𝐄𝐬𝐭𝐚𝐛𝐥𝐢𝐬𝐡 𝐂𝐥𝐞𝐚𝐫 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞𝐬:
Develop frameworks to facilitate crypto adoption, ensuring that individuals and businesses can operate with legal clarity.
2. 𝐄𝐧𝐠𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐱𝐩𝐞𝐫𝐭𝐬:
Collaborate with global crypto and blockchain professionals to align Pakistan’s policies with international best practices.
3. 𝐏𝐫𝐨𝐩𝐨𝐬𝐞 𝐚 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐏𝐨𝐥𝐢𝐜𝐲:
Work closely with key players in the blockchain sector to create a robust policy for government and private-sector use cases.
4. 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐔𝐬𝐞 𝐂𝐚𝐬𝐞𝐬:
Investigate how cryptocurrencies and blockchain solutions can enhance cross-border remittances, e-commerce, and other financial services.
5. 𝐄𝐧𝐬𝐮𝐫𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲:
Design comprehensive security frameworks that protect users and institutions from fraud, money laundering, and other illicit activities.
3. 𝐈𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐂𝐫𝐲𝐩𝐭𝐨 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧.
Pakistan’s stance on cryptocurrency has been evolving, with regulators and policymakers recognizing both the potential and the risks associated with digital assets. Historically, the State Bank of Pakistan (SBP) and other agencies have issued various advisories, but these recent notifications mark a transition toward more formalized oversight.
A. Regulatory Clarity
A major benefit of forming the Pakistan Crypto Council is the promise of clarity. Clear regulations can foster innovation by giving entrepreneurs and investors the confidence to build crypto-focused products and services within a lawful framework.
B. Economic Opportunities
Pakistan’s economy stands to gain from leveraging cryptocurrencies and blockchain technology, especially in areas like cross-border remittances. A significant portion of the country’s GDP comes from remittances, and blockchain-based solutions can reduce transfer fees and improve transaction speed.
C. Technological Advancement
By proposing a national blockchain policy, the government signals its intent to explore innovative use cases, such as secure record-keeping, digital identity systems, and smart contracts. These efforts could spur tech entrepreneurship and help position Pakistan as a forward-looking player in the global tech arena.
D. Risk Mitigation
With clear guidelines, authorities can better address challenges related to money laundering, fraud, and consumer protection. A robust legal framework helps ensure that crypto activities are monitored effectively, minimizing the likelihood of illegal practices.
4. 𝐋𝐨𝐨𝐤𝐢𝐧𝐠 𝐀𝐡𝐞𝐚𝐝.
The establishment of the Pakistan Crypto Council and the appointment of a dedicated Chief Advisor reflect a proactive stance by the government. By seeking expert input and forming a high-level council that includes financial, legal, and technological stakeholders, Pakistan aims to develop a well-rounded approach to crypto regulation.
Moving forward, the success of these initiatives will hinge on transparent policy-making, inclusive stakeholder engagement, and effective implementation of regulations. If executed properly, Pakistan could emerge as a regional leader in crypto innovation, attracting investment and talent while safeguarding the interests of citizens and institutions alike.
𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧.
The two notifications issued by the Government of Pakistan mark a milestone in the country’s journey toward embracing cryptocurrency and blockchain technology. By appointing a Chief Advisor and constituting the Pakistan Crypto Council, the government underscores its commitment to creating a regulatory environment that fosters innovation, ensures security, and aligns with international standards. If the council’s objectives are met, Pakistan may soon become a vibrant hub for crypto-related activities, contributing positively to the national economy and technological advancement.
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