Pakistan is preparing to formally recognize cryptocurrency as it takes decisive steps towards legalizing digital assets and creating a comprehensive regulatory framework.
The move aims to attract international investment and position Pakistan as a key player in the global crypto economy.
Bilal bin Saqib, the newly appointed Chief Advisor to the Finance Minister for the Pakistan Crypto Council, recently outlined the country’s cryptocurrency vision in an interview with Bloomberg TV. He stressed the urgent need for regulatory clarity to capitalize on Pakistan’s growing digital asset market.
“Pakistan is done sitting on the sidelines; we need a well-defined legal framework that is pro-business and fosters innovation,” Bilal stated. “We want Pakistan to be a leader in blockchain-powered finance, leveraging its low-cost, high-growth market. With 60% of the population under 30, we have immense potential to drive cryptocurrency adoption.”
Pakistan has already emerged as one of the leading adopters of cryptocurrency, with an estimated 15 to 20 million Pakistanis currently holding digital assets.
“There are billions of US dollars in crypto transactions within Pakistan. Given this scale, it’s imperative that we establish clear regulations to ensure a safe and thriving crypto ecosystem,” Bilal said. “By legalizing cryptocurrency, Pakistan can attract foreign investors and bolster its fintech sector.”
As a Forbes-recognized Web3 investor and blockchain strategist, Bilal emphasized Pakistan’s competitive edge in the global cryptocurrency market. He revealed that Pakistan is working to introduce regulatory sandboxes, allowing crypto startups to operate in a controlled and compliant environment.
Bilal also pointed out that Pakistan offers some of the lowest operating costs globally, making it a highly attractive destination for cryptocurrency businesses compared to hubs like Dubai and Singapore. The government is also collaborating with nations such as the UAE, Nigeria, and Turkiye to learn from their regulatory frameworks.
On taxation, Bilal highlighted a strategic approach to encourage investment. “The government intends to implement a balanced, pro-growth tax structure that incentivizes foreign investment while fostering local crypto innovation,” he said.
He further asserted that cryptocurrency could be a transformative force for Pakistan’s fintech sector, enabling economic expansion and financial inclusion.
Discussing global crypto trends, Bilal described US President Donald Trump’s return to office as a significant moment for digital assets. “Trump is making cryptocurrency a national priority, and Pakistan must adapt or risk falling behind in the global race,” he remarked.
Bilal noted that the US government’s evolving stance on cryptocurrency could reshape the industry worldwide: “Trump has issued executive orders instructing regulatory bodies to accommodate digital assets, established a White House Crypto Advisory Team, and even proposed a US strategic Bitcoin reserve. This signals that the world’s largest economy is treating cryptocurrency as a valuable national asset, akin to gold or oil.”
As Pakistan advances its cryptocurrency initiatives, industry experts are closely monitoring how the country will shape its role in the digital finance revolution.