Pakistan Crypto Council to Form Technical Committee for Digital Asset Regulation

The Pakistan Crypto Council (PCC) has decided to establish a technical committee tasked with assessing proposed legislation and formulating a resilient framework and governance model for digital and virtual assets, according to a statement released by the Finance Ministry.

This decision transpired during a high-profile PCC meeting held at the Finance Division, presided over by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.

Bilal Bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and Chief Executive Officer of the PCC, participated in the meeting remotely.

“A technical committee will be formed, comprising representatives from the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), Law Division, and IT & Telecom Division.

“The committee will analyze the draft laws and put forward a solid framework and governance structure for review by the Pakistan Crypto Council at their subsequent meeting,” the statement elaborated.

The assembly primarily addressed the draft regulatory structure for digital and virtual assets within Pakistan, with the objective of conforming to international benchmarks and emerging technological advancements.

Attendees also deliberated on different avenues for creating an independent regulatory body to supervise and govern the digital finance and crypto landscape in the nation, as reported by the Finance Division.

“Council members contributed valuable insights to guarantee a secure, transparent, and innovation-promoting regulatory landscape, intending to encourage responsible blockchain implementation, protect investors, and promote greater financial accessibility.”

The chairperson acknowledged the contributions of all involved parties and reaffirmed the government’s dedication to fostering a forward-looking financial infrastructure that bolsters innovation while upholding financial soundness and adherence to regulations, the statement further noted.

The Governor of the State Bank of Pakistan attended the meeting virtually, while the Chairman of the Securities and Exchange Commission of Pakistan, the Secretary of the Law & Justice Division, and the Secretary of the Ministry of Information Technology & Telecommunication were present in person.