Pakistan will establish a regulatory framework and formalize cryptocurrencies.
Pakistan is set to formally recognize cryptocurrency as it moves towards legalizing digital assets and establishing a regulatory framework aimed at attracting international investment. Bilal bin Saqib, the newly appointed Chief Advisor to the Finance Minister for the Pakistan Crypto Council, shared the country’s crypto vision in an interview with Bloomberg TV, highlighting the need for clear regulations.
“Pakistan is done sitting on the sidelines, we want to have regulatory clarity. We need to have a legal framework that is pro-business,” Bilal said. “We want Pakistan as a leader in blockchain-powered finance, and we want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30,” he added.
With an estimated 15 to 20 million Pakistanis already holding digital assets, the country has become one of the leading cryptocurrency users in the world.
Today, between 15 and 20 million people in Pakistan own cryptocurrency. Naturally, we want to make this legal because the nation has billions of US dollars in cryptocurrency transactions.
“We need a clear regulatory framework so that we can attract investments and allow Pakistan’s ecosystem to thrive,” Bilal said.
Bilal, a blockchain expert and Forbes-recognized Web3 investor, emphasised Pakistan’s competitive advantage in the international cryptocurrency market.
“In essence, we are working to create fast-track systems for crypto startups to operate in a controlled, compliant environment by providing regulatory sandboxes,” he disclosed.
In comparison to well-known hubs like Dubai and Singapore, he continued, Pakistan offers one of the lowest operating costs in the world, making it a more affordable location for cryptocurrency enterprises.
Along with working with Nigeria and Turkey, the government also intends to interact with the UAE in order to gain insight from its regulatory structure.
On taxation, Bilal emphasized a balanced approach to encourage investment.
“The government intends to adopt a ‘balanced pro-growth tax structure’ that attracts more foreign investment in the country,” he said.
He further said that cryptocurrencies might serve as a big stimulus for Pakistan’s developing financial sector.Bilal also weighed in on global crypto trends, describing US President Donald Trump’s return to office as the “biggest, bullish catalyst for crypto in history.” “Trump is making crypto a national priority and every country including Pakistan will have to follow suit or will we be at the risk of being left behind,” he remarked. Bilal noted that the US President has been actively reshaping digital asset policies:
“Trump is essentially flipping the script after signing executive orders instructing regulatory bodies to accommodate digital assets, forming the White House Crypto Advisory Team, and creating a US strategic Bitcoin reserve. “That means that the largest economy in the world is treating it like a valuable national asset, similar to how it stockpiles gold or oil for Industry watchers are keeping a careful eye on Pakistan’s positioning in the changing digital banking landscape as it pursues its cryptocurrency goals.
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