TLDR:
- Pakistan moves towards crypto regulation
- Aims to attract global investors
- Plans to become crypto hub regionally
ISLAMABAD (The Thursday Times) — Pakistan is stepping up efforts to legalise cryptocurrency trading with a new regulatory framework aimed at boosting foreign investment and expanding its digital economy. The move signals a major shift as the country seeks to position itself as a regional hub for crypto innovation.
Building the regulatory framework
According to Bloomberg, the Pakistani government is developing clear and robust rules to govern cryptocurrency trading. The framework will aim to provide investors with greater transparency and security. This approach highlights Pakistan’s readiness to formally embrace digital assets, moving away from its historically cautious stance.
Appointment signals strategic shift
Bilal Bin Saqib, chief executive of the Pakistan Crypto Council, recently appointed as the finance minister’s chief advisor on digital assets, leads this strategic push. His role extends beyond cryptocurrency, including the application of artificial intelligence to modernise government processes and enhance public sector efficiency.
Rising popularity despite warnings
Cryptocurrency use in Pakistan is already widespread, despite repeated warnings from the central bank about potential risks. Bloomberg notes that the popularity of digital currencies continues to grow, driven largely by a young, digitally savvy population keen on new investment opportunities.
Competing in South Asia
Pakistan is ambitious about its potential to rival established crypto centres like Dubai, Singapore, and Hong Kong. The country’s relatively low operational costs, high growth prospects, and youthful workforce skilled in blockchain and Web3 technologies form a compelling pitch to global investors.
Global influence on policy
The recent shift in the US towards prioritising cryptocurrency under Donald Trump’s agenda has sparked similar policy rethinks worldwide. Pakistan’s accelerated move towards crypto regulation reflects this global trend, underscoring the influence major economies have on smaller markets.