Pakistan is taking significant steps toward the regulation of digital assets, with plans to establish a National Crypto Council. The initiative follows a recent meeting between Finance Minister Mohammed Aurangzeb and a U.S. delegation, described as “Trump Advisers for Digital Assets,” where the idea of the council was first proposed.
The council, as outlined by the finance ministry, will oversee the regulation, policymaking, and development of the cryptocurrency sector in Pakistan. It will consist of government officials, regulators, and industry experts, who will collaborate to create clear and effective regulations for the emerging market.
The U.S. delegation included prominent figures such as Gentry Beach Jr., Nikita Goldsmith, Alex Malkov, and Jerad Finck. Beach, a business associate of former President Donald Trump, had previously met with Prime Minister Shehbaz Sharif and pledged over $1 billion in investments for Pakistan. Though the U.S. Embassy did not formally announce the visit, sources suggest the discussions focused on the growing global popularity of cryptocurrency and how Pakistan can benefit from it, including potentially transforming major government projects into digital assets to attract investment.
The move marks a shift in Pakistan’s stance on cryptocurrency, which was once highly opposed by the government. In the past, the government, including the State Bank of Pakistan (SBP), strongly discouraged crypto investments, citing concerns over scams and fraud. However, with over 20 million crypto users in Pakistan and no regulatory framework in place, Finance Minister Aurangzeb has reversed the country’s position. He is now seeking to establish safe and controlled guidelines to facilitate crypto trading while preventing financial crimes.
Minister Aurangzeb has called on experts to devise a plan that strikes the right balance between enabling investment in crypto and ensuring regulatory oversight. Both the Pakistani and U.S. sides have agreed to proceed cautiously but in a positive direction, potentially marking a major step toward the legalization and regulation of cryptocurrency in Pakistan.
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