The Pakistani government is taking strong steps to legalize and regulate cryptocurrency by planning to establish a National Crypto Council. This could be an important turning point, creating a transparent legal framework and promoting the development of digital assets in the country.

Important Turning Point for Pakistan

According to Dawn newspaper, the government has planned to establish a National Crypto Council after a meeting between Finance Minister Muhammad Aurangzeb and digital asset advisors of U.S. President Donald Trump. This is seen as a sign that Pakistan wants to change its previous stance from a complete ban to a more flexible approach to crypto.

This council is expected to include government representatives, regulators, and industry experts, with the main tasks being:
✅ Developing policies and overseeing the crypto market.
✅ Addressing legal challenges and protecting investors.
✅ Establishing common standards with international digital economies.

Pakistan's Main Goals with Crypto

The Pakistani government has set three major goals when establishing the legal framework for cryptocurrency:
🔹 Financial protection & risk control: Ensuring compliance with international standards such as #FATF to combat money laundering.
🔹 Promoting innovation & investment: Encouraging blockchain businesses to develop in a controlled environment.
🔹 Integrating blockchain into the economy: Applying technology in the public sector and improving liquidity in the capital market.

One of the notable highlights of this plan is the establishment of a testing sandbox, allowing businesses to test crypto products in a monitored environment before widespread implementation.

Changing Stance: From Ban to Support?

Previously, Pakistan had an extremely strict stance on cryptocurrency, with its central bank repeatedly proposing a complete ban on crypto. Some former finance ministers even declared that Pakistan would never legalize digital assets.

However, currently, Finance Minister Muhammad Aurangzeb has taken a more open approach, suggesting that a clear legal framework is needed instead of prohibition. This may stem from the fact that over 20 million people in Pakistan own crypto but face difficulties due to legal barriers and high transaction fees.

Impact on the Crypto Market

🔺 Pakistan's shift in stance could boost the development of crypto in the South Asian region, especially as the country builds a transparent legal framework.
🔺 Investors and blockchain businesses may view Pakistan as a potential destination if the government commits to facilitating this industry.
🔺 If Pakistan legalizes crypto, it may put pressure on other countries in the region, such as India, to make appropriate adjustments.

Conclusion

The plan to establish the National Crypto Council shows that Pakistan is gradually legitimizing and controlling the cryptocurrency market instead of prohibiting it. This could be a significant opportunity for the blockchain industry in Pakistan, while also contributing to the global acceptance of crypto.