Pakistan plans to legalize crypto, says adviser

Pakistan is preparing to introduce a legal framework for cryptocurrency trading in a bid to draw international investment and strengthen its digital finance ecosystem, Chief Executive Officer of the Pakistan Crypto Council, Bilal bin Saqib, has said.

The newly appointed chief advisor to the finance minister on digital assets, told Bloomberg TV that the government aims to establish clear regulations to govern digital asset activity. The move comes amid growing domestic interest in cryptocurrencies despite past warnings from the State Bank of Pakistan about the industry’s risks.

“Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with 60% of the population under 30. We have a Web3 native workforce ready to build.”

With an estimated 15 to 20 million users, Pakistan ranks ninth globally in crypto adoption, according to Chainalysis. The country is the fifth most populous in the world and already has a vibrant crypto trading community, despite the lack of official oversight.

Saqib’s appointment earlier this month marks a shift in policy as Islamabad looks to digital innovation to drive public sector transformation. In addition to shaping crypto regulation, he will advise on the use of artificial intelligence to improve governance, streamline decision-making, and promote innovation within state institutions.

Earlier this month, the government set up the Pakistan Crypto Council, aimed at integrating blockchain technology and digital assets into the financial system. The council is chaired by Finance Minister Muhammad Aurangzeb.

Other key members include the governor of the central bank, the chairman of the Securities and Exchange Commission of Pakistan, and federal secretaries of the law and IT ministries.

Additionally, there is consideration of introducing a Pakistani digital currency, which could play a vital role in strengthening the Pakistani rupee.

Countries across Asia are increasingly embracing digital assets, a trend that Saqib said has gained further momentum from former U.S. President Donald Trump’s pro-crypto stance.

“Trump is making crypto a national priority and every country including Pakistan will have to follow suit,” he said.