Pakistan Crypto Council Convenes High-Level Meeting on Virtual Assets

A significant assembly of the Pakistan Crypto Council (PCC) took place on Monday at the Finance Division, presided over by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

Bilal Bin Saqib, Minister of State and Special Assistant to the Prime Minister on Blockchain and Crypto, who also serves as the Chief Executive Officer of the Pakistan Crypto Council, participated in the meeting through video conference.

The Governor of the State Bank of Pakistan (SBP) also joined the meeting virtually. In contrast, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Secretary of the Law & Justice Division, and the Secretary of the Ministry of Information Technology & Telecommunication were present in person.

The primary focus of the gathering was the proposed regulatory structure for digital and virtual assets within Pakistan, with the objective of conforming to global benchmarks and evolving technological advancements.

The participants also examined various possibilities regarding the creation of an independent regulatory body responsible for supervising and governing the digital finance and cryptocurrency sector in the nation.

Council members offered valuable perspectives to foster a safe, open, and innovation-supportive regulatory landscape. This aims to encourage the accountable adoption of blockchain technology, protect investors’ interests, and promote greater financial accessibility.

The Chair acknowledged the contributions from all parties involved and reiterated the government’s dedication to establishing a financial framework ready for the future, which promotes innovation while upholding financial soundness and adherence to regulations.

A consensus was reached to form a technical committee, including representatives from the SBP, SECP, Law Division, and IT & Telecom Division. This committee will assess the proposed legislation and put forward a resilient framework and governance model for the PCC to examine during its subsequent meeting.