Introduction
National Crypto Council Pakistan Oversees Digital Assets, establishing a National Crypto Council to regulate digital assets and blockchain technology. Federal Minister for Finance and Revenue Muhammad Aurangzeb revealed this initiative during a high-level meeting on digital assets held on Tuesday.
https://www.arabnews.pk/node/2591581/pakistan
National Crypto Council: Purpose and Composition
- Dedicated Advisory Body: The proposed council would bring together government officials, regulatory bodies, and industry experts.
- Key Objectives:
- Develop policies for digital assets
- Tackle regulatory challenges
- Ensure a secure, compliant, and sustainable crypto ecosystem
Collaboration with International Partners for Digital Assets
The Council would also engage with friendly nations to create standardized frameworks for digital economic cooperation on a global scale.
Directives for a Comprehensive Framework for Digital Assets
Minister Aurangzeb emphasized the need for a robust framework that addresses:
- Security and Transparency: Protect users from financial crimes and illicit activities.
- Regulatory Compliance: Align with international standards, particularly those of the Financial Action Task Force (FATF).
- Economic Viability: Encourage investment in digital assets while maintaining balanced oversight.
Global Context and Regulatory Insights for Digital Assets
Meeting participants examined:
- Global Adoption of Cryptocurrency: Rising use cases and expanding acceptance worldwide.
- International Policy Alignment: Current regulatory practices, including those from the U.S.
- Risk Mitigation: Strategies to handle financial security threats and protect the national economy.
Emphasis on a Well-Regulated Digital Asset Environment
Minister Aurangzeb reiterated Pakistan’s commitment to:
- Upholding Best Practices: Follow FATF guidelines and global benchmarks.
- Integrating Blockchain: Adopt blockchain as part of a broader plan to modernize the financial sector.
Tokenization and Market Innovations in Pakistan
Discussions also touched on the tokenization of major infrastructure and state-owned enterprises (SOEs), which could:
- Increase market liquidity
- Broaden investor access
- Enhance capital market efficiency
Regulatory Sandbox
Both domestic and foreign investors have product-ready solutions that may be tested in a regulatory sandbox, allowing innovative projects to operate under controlled conditions before scaling.
Addressing Local Market Challenges in Pakistan
With over 20 million active digital asset users in Pakistan facing high transaction fees, the Finance Minister underscored:
- Regulatory Support: Introducing laws and incentives to foster transparency.
- Growth Facilitation: Streamlining digital business operations to encourage sustainable industry expansion.
Conclusion
The meeting for the National Crypto Council Pakistan, concluded with an agreement to adopt a cautious yet forward-looking strategy. All future crypto-related developments must align with national priorities, FATF guidelines, and international financial standards.
Key Attendees for National Crypto Council Pakistan:
- President Trump’s Advisors for Digital Assets
- Shaza Fatima Khawaja, Minister of State for IT & Telecom
- Governor State Bank of Pakistan
- Secretary Finance
- Secretary IT & Telecom
These stakeholders collectively emphasized the potential of digital assets to revolutionize Pakistan’s financial ecosystem—provided they operate under strong, transparent regulations.
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