Pakistan Takes Steps Toward Crypto Legalization
Pakistan is taking significant steps toward officially recognizing cryptocurrency, aiming to legalize digital assets and establish a comprehensive regulatory framework to attract global investment.
Pakistan’s Vision for Crypto Regulation
Bilal bin Saqib, the newly appointed Chief Advisor to the Finance Minister for the Pakistan Crypto Council, recently shared the country’s ambitious crypto vision in an interview with Bloomberg TV, stressing the importance of clear regulations.
“Pakistan is no longer on the sidelines. We are determined to create a regulatory framework that fosters business growth,” Bilal stated, emphasizing the need for legal clarity to support the burgeoning industry.
Pakistan as a Blockchain-Driven Finance Hub
He further expressed Pakistan’s goal to become a leader in blockchain-driven finance, positioning the country as an attractive destination for international investors. With 60% of its population under the age of 30, Pakistan is seen as a high-growth, low-cost market that offers substantial potential for cryptocurrency adoption.
Growing Crypto Adoption in Pakistan
Currently, Pakistan is one of the world’s leading adopters of cryptocurrency, with an estimated 15 to 20 million people holding digital assets.
“Pakistan holds billions of dollars in crypto transactions, and it’s time to make this legal and bring in a clear regulatory framework to let the ecosystem thrive,” Bilal explained.
Pakistan’s Competitive Edge in the Global Crypto Market
A Forbes-recognized Web3 investor and blockchain strategist, Bilal highlighted the country’s competitive edge in the global crypto market. He revealed that Pakistan is working on creating regulatory sandboxes that would provide a controlled, compliant environment for crypto startups to fast-track their operations. Furthermore, Pakistan’s low operating costs make it a more cost-effective destination for crypto businesses compared to established hubs like Dubai and Singapore.
International Collaborations for Crypto Regulation
The government is also engaging with the UAE to learn from its regulatory practices and is collaborating with Nigeria and Turkey to align its strategies.
Balanced Tax Structure for Crypto Growth
On the issue of taxation, Bilal pointed out that Pakistan plans to adopt a “balanced pro-growth tax structure” to attract more foreign investments.
Crypto’s Role in Pakistan’s Fintech Growth
He further asserted that cryptocurrency could serve as a major driver for Pakistan’s growing fintech sector, offering new opportunities for innovation and financial inclusion.
Global Crypto Trends and Trump’s Influence
Bilal also commented on global crypto trends, calling the return of US President Donald Trump to office the “biggest bullish catalyst for crypto in history.”
“Trump is essentially reshaping digital asset policies, issuing executive orders to accommodate digital assets, forming the White House Crypto Advisory Team, and establishing a US strategic Bitcoin reserve,” Bilal explained.
“This means the largest economy in the world is treating crypto as a valuable national asset, much like gold or oil, for economic security.”
Pakistan’s Future in the Crypto Industry
As Pakistan continues to develop its crypto strategy, the global crypto community is closely watching how the country navigates the rapidly evolving digital finance landscape.
