Pakistan is taking a big leap toward regulating the crypto space—despite cryptocurrency still being illegal in the country. On June 2, the Pakistan Crypto Council (PCC) held a high-level meeting in Islamabad to draft a regulatory framework for digital and virtual assets, marking a major shift in the nation’s crypto policy direction.
Crypto Regulation Draft Underway in Pakistan
The meeting was chaired by Finance and Revenue Minister Senator Muhammad Aurangzeb. Key stakeholders, including the Governor of the State Bank of Pakistan (SBP), SECP Chairperson, and law and IT ministry officials, joined to outline a path forward for digital assets.
The goal? To create a secure, transparent, and innovation-friendly crypto ecosystem that also addresses investor protection and financial inclusion.
“Members of the Council provided valuable input to ensure a secure, transparent, and innovation-friendly regulatory environment, with the goal of promoting responsible blockchain adoption, safeguarding investors, and advancing financial inclusion,” stated the finance division.
What the Crypto Draft Aims to Solve
The regulatory draft aims to:
- Formalize the crypto sector, currently operating in a legal grey area
- Establish clear licensing rules and compliance mechanisms
- Protect retail investors from fraud and manipulation
- Encourage financial innovation through responsible blockchain adoption
- Build a future-ready digital financial infrastructure
These measures are expected to bring digital assets into Pakistan’s financial mainstream while aligning with international best practices.
Key Players in the Discussion
The meeting included major government and regulatory leaders:
- Bilal Bin Saqib, Minister of State and Special Assistant to the Prime Minister on Blockchain & Crypto, and CEO of PCC
- Governor of SBP (attending remotely)
- Chairperson of SECP
- Secretaries from Law and IT Ministries
Their collective insights will guide the shaping of a crypto policy that supports innovation while keeping compliance and consumer protection front and center.
Legal Status of Crypto in Pakistan: Still Banned
Despite the progressive regulatory talks, crypto remains officially banned in Pakistan. On May 30, the National Assembly’s Standing Committee on Finance reaffirmed the ban, classifying all crypto activity as illegal.
The State Bank of Pakistan (SBP) still prohibits banks, DFIs, electronic money institutions, and payment providers from engaging in any crypto-related activity.
Moreover, any entity involved in crypto transactions is subject to potential investigation by the Federal Investigation Agency (FIA).
Looking Ahead: A Future-Ready Financial System
Pakistan’s Finance Minister praised the discussions and emphasized the need for a modern financial framework that can support emerging technologies like blockchain.While crypto remains outlawed for now, the new draft signals that Pakistan is preparing for a regulated digital future, potentially opening doors to legal crypto adoption down the road.
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