In a significant move reflecting the countryโs 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 โPakistan Crypto Councilโ under the directives of the Prime Minister. These developments underscore the governmentโs intent to explore and formalize a regulatory framework for cryptocurrencies and blockchain technology within Pakistan.
1. ๐๐ก๐ ๐๐ก๐ข๐๐ ๐๐๐ฏ๐ข๐ฌ๐จ๐ซ ๐๐ฉ๐ฉ๐จ๐ข๐ง๐ญ๐ฆ๐๐ง๐ญ.
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 Pakistanโs 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 stakeholdersโranging from local regulators and ministries to international expertsโto formulate practical and secure frameworks for cryptocurrencies.
2. ๐ ๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐ญ๐ก๐ ๐๐๐ค๐ข๐ฌ๐ญ๐๐ง ๐๐ซ๐ฒ๐ฉ๐ญ๐จ ๐๐จ๐ฎ๐ง๐๐ข๐ฅ.
Shortly after the advisorโs appointment, the second notification announces the establishment of the โPakistan Crypto Councilโ 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.
๐๐จ๐ฎ๐ง๐๐ข๐ฅโ๐ฌ ๐๐๐ซ๐ฆ๐ฌ ๐จ๐ ๐๐๐๐๐ซ๐๐ง๐๐ (๐๐จ๐๐ฌ):
1.๐๐ฌ๐ญ๐๐๐ฅ๐ข๐ฌ๐ก ๐๐ฅ๐๐๐ซ ๐๐๐ ๐ฎ๐ฅ๐๐ญ๐จ๐ซ๐ฒ ๐๐ฎ๐ข๐๐๐ฅ๐ข๐ง๐๐ฌ:
Develop frameworks to facilitate crypto adoption, ensuring that individuals and businesses can operate with legal clarity.
2. ๐๐ง๐ ๐๐ ๐ ๐ฐ๐ข๐ญ๐ก ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐ฑ๐ฉ๐๐ซ๐ญ๐ฌ:
Collaborate with global crypto and blockchain professionals to align Pakistanโs policies with international best practices.
3. ๐๐ซ๐จ๐ฉ๐จ๐ฌ๐ ๐ ๐๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐ฅ๐จ๐๐ค๐๐ก๐๐ข๐ง ๐๐จ๐ฅ๐ข๐๐ฒ:
Work closely with key players in the blockchain sector to create a robust policy for government and private-sector use cases.
4. ๐๐๐๐ง๐ญ๐ข๐๐ฒ ๐๐จ๐ญ๐๐ง๐ญ๐ข๐๐ฅ ๐๐ฌ๐ ๐๐๐ฌ๐๐ฌ:
Investigate how cryptocurrencies and blockchain solutions can enhance cross-border remittances, e-commerce, and other financial services.
5. ๐๐ง๐ฌ๐ฎ๐ซ๐ ๐ ๐ข๐ง๐๐ง๐๐ข๐๐ฅ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ:
Design comprehensive security frameworks that protect users and institutions from fraud, money laundering, and other illicit activities.
3. ๐๐ฆ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐จ๐ซ ๐๐ซ๐ฒ๐ฉ๐ญ๐จ ๐๐๐ ๐ฎ๐ฅ๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐๐๐ค๐ข๐ฌ๐ญ๐๐ง.
Pakistanโs 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
Pakistanโs economy stands to gain from leveraging cryptocurrencies and blockchain technology, especially in areas like cross-border remittances. A significant portion of the countryโs 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. ๐๐จ๐จ๐ค๐ข๐ง๐ ๐๐ก๐๐๐.
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.
๐๐จ๐ง๐๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง.
The two notifications issued by the Government of Pakistan mark a milestone in the countryโs 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 councilโs objectives are met, Pakistan may soon become a vibrant hub for crypto-related activities, contributing positively to the national economy and technological advancement.