ISLAMABAD: The government has formed a body to regulate cryptocurrency and blockchain technology and integrate digital assets into the financial system.

In a statement on Friday, the Ministry of Finance said the Pakistan Crypto Council (PCC) would play a pivotal role in formulating policies, fostering innovation and ensuring a secure adoption of cryptocurrency in Pakistan.

Finance Minister Muham­mad Aurangzeb has been made the PCC chairman “to demonstrate the government’s commitment to evolving digital economy”.

Bilal Bin Saqib, who was recently appointed as chief adviser to the finance minister, has been made the council’s CEO.

Finance minister to chair body tasked with facilitating blockchain adoption

Mr Saqib will bring his expertise in blockchain technology, investment strategy, and digital innovation to spearhead the initiative, the announcement said.

The PCC’s immediate board members will include State Bank Governor Jameel Ahmad, Securi­ties and Exch­ange Com­mi­ssion of Pakistan Chairman Akif Saeed and secretaries for law and IT ministries.

The organisational structure would ensure that regulatory oversight, financial stability, legal frameworks, and tec­hnological advancements were brought together to support Pakistan’s crypto ecosystem, the ministry’s statement said.

The formation of the PCC signified the “government’s pr­o­active stance in moving Pa­k­istan to the forefront of the global shift towards blockchain technology and digital assets”.

The statement said that with regulatory clarity and a structured approach, Pakistan aims to “foster a safe and compliant environment for investors, businesses, and innovators in the crypto space”.

The statement quoted the finance minister as saying that the PCC was “a step towards embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system”.

“We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth,” Mr Aurangzeb said.

Mr Saqib said the council would not only draft regulations but create an ecosystem where blockchain and digital finance can thrive.

“Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritising security, transparency, and innovation.”

The council will focus on developing regulatory policies, engaging public and private stakeholders and positioning Pakistan as a key player in the global digital asset landscape.

As per the statement, the PCC will prioritise clear regulatory guidelines to facilitate crypto adoption and engage with international crypto and blockchain organisations to ensure best practices.

It will also encourage responsible innovation in the field by working closely with key players in the industry, including fintech startups, investors, and blockchain developers while protecting consumers and ensuring financial security through robust legal and compliance frameworks, the statement added.

The PCC will be a “new chapter in Pakistan’s financial and technological evolution”, placing Pakistan as a destination for business and a leader in innovation in the digital finance sector.

Published in Dawn, March 15th, 2025