KARACHI, May 6, 2025 — The Institute of Cost and Management Accountants of Pakistan (ICMAP) has unveiled a landmark proposal aimed at laying the groundwork for responsible crypto adoption in Pakistan.
In a bid to align the country’s financial system with global digital trends, ICMAP has presented a comprehensive Four-Pillar Crypto Adoption Framework, coupled with a detailed Central Bank Digital Currency (CBDC) Development and Regulatory Launch Plan.
This initiative by ICMAP is tailored for the consideration of the Pakistan Crypto Council (PCC) and key policymakers. The objective is to guide the country toward a secure, well-regulated, and innovative digital finance ecosystem amid the accelerating global rise in crypto usage.
ICMAP’s crypto framework addresses the challenges and opportunities presented by decentralized finance. The first of the four pillars stresses the urgent need for a transparent regulatory structure. It emphasizes that Pakistan must craft clear and enforceable crypto regulations that align with global norms, especially in the areas of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT). Drawing from global examples, ICMAP illustrates how regulatory clarity attracts both investment and consumer confidence.
The second pillar focuses on harmonizing Pakistan’s crypto policy with international standards. ICMAP asserts that the country must stay engaged with global organizations and standard-setters to develop a competitive and credible crypto environment. This includes classifying digital assets properly, creating oversight for crypto transactions, and promoting blockchain-based innovation.
In its third pillar, ICMAP urges strong collaboration between the public and private sectors. It argues that effective communication between regulators and industry stakeholders is critical to balancing financial stability with innovation. The report includes case studies where other nations have successfully fostered such partnerships, leading to sustainable crypto growth.
The fourth and final pillar places emphasis on consumer protection and financial resilience. ICMAP recommends stringent safeguards to protect investors, prevent fraud, and ensure the integrity of crypto markets. Examples from other countries demonstrate how well-structured consumer protections have enhanced both confidence and participation in digital finance.
Beyond private crypto use, ICMAP’s proposal highlights the growing necessity of a government-backed CBDC. The institute recommends that the State Bank of Pakistan launch its own digital currency to complement and stabilize the crypto ecosystem. A CBDC, it argues, would offer a secure and regulated alternative to volatile private cryptocurrencies while advancing financial inclusion.
ICMAP has used the term “crypto” five times throughout the framework to emphasize its centrality to Pakistan’s financial future. The Institute’s report positions Pakistan to take decisive, strategic steps in embracing crypto and digital assets responsibly.
With this initiative, ICMAP reinforces its role as a key voice in economic policy. It aims to support lawmakers in building a digital financial landscape that is innovative, secure, and aligned with international best practices.