Pakistan Crypto Council Holds First Meeting Amid Regulatory Uncertainty

Usama AnjumLast Updated: Mar 21, 2025

The Pakistan Crypto Council (PCC) held its first meeting on Friday, chaired by Finance Minister Senator Muhammad Aurangzeb. The session marked a key step toward defining the country’s stance on digital assets.

The meeting brought together key stakeholders, including PCC CEO Bilal Bin Saqib, the Governor of the State Bank of Pakistan (SBP), the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and Federal IT and Law Secretaries. Discussions focused on Pakistan’s crypto landscape, regulatory ambiguity, and market potential.

Pakistan’s Crypto Landscape: Where It Stands Today

A presentation during the meeting highlighted the current challenges and opportunities:

Regulatory Uncertainty: The SBP prohibits cryptocurrency and discourages banks from handling crypto transactions.
Evolving Perspectives: The SECP recognizes blockchain’s potential but has yet to finalize a regulatory framework.
Global Compliance Pressure: Pakistan’s cautious approach aligns with FATF guidelines to prevent financial crimes.
Limited Market Growth: The local crypto industry remains underdeveloped, facing legal and operational hurdles.

Shaping Pakistan’s Crypto Future

CEO Bilal Bin Saqib presented a roadmap, calling for clear regulations and potential use cases. He proposed using surplus electricity for Bitcoin mining, turning an existing challenge into an economic opportunity.

Finance Minister Aurangzeb emphasized the need for a balanced approach, ensuring that regulatory policies fit Pakistan’s economic realities while benefiting from global best practices. He said the PCC will serve as a unified platform for regulators, industry leaders, and policymakers to draft a forward-looking crypto framework.

Officials from SBP, SECP, and IT and Law ministries stressed the importance of legal clarity, consumer protection, and blockchain adoption. They discussed pilot programs and the need to align with international standards.

The meeting concluded with a shared commitment to developing a responsible and structured crypto policy, ensuring innovation while safeguarding economic interests.