Government Considers Establishment of National Crypto Council in Order to Regulate Digital Assets
On Tuesday, Muhammad Aurangzeb, Federal Minister for Finance and Revenue, said during a high-level meeting on digital assets that the federal Government Considers Establishment of National Crypto Councils. Part of their oversight duties over digital assets and blockchain technology.
He noted the government will consider creating a National Crypto Council. As an advisory body that includes key government representatives, regulatory authorities and industry specialists.
Pakistan’s Crypto Council will oversee policy creation, address regulatory hurdles. Ensure Pakistan’s digital asset ecosystem develops in an orderly, compliant, and sustainable fashion. They also collaborate with friendly countries to devise international digital economic engagement standards frameworks.
The finance minister mandated all relevant stakeholders to develop an overall framework that promotes security, transparency, regulatory compliance, and economic viability. While safeguarding against financial crimes or illicit activities. He underscored the necessity of adopting an approach that encourages innovation while adhering to stringent global regulatory oversight requirements.
Participants discussed the global growth and adoption of cryptocurrency. Along with regulatory frameworks being put in place worldwide in line with US government policies. Particular focus was given to financial security issues related to digital assets in Pakistan’s economy as well as risk mitigation practices and their possible effects.
Aurangzeb stressed the significance of having an effective digital asset framework that aligns with international best practices. Financial Action Task Force (FATF) guidelines in Pakistan, including blockchain technology integration as part of an overall effort to modernize Pakistan’s financial sector. He underscored Pakistan’s government commitment to exploring digital assets as part of their comprehensive modernization plan for finance sector operations.
Discussions also revolved around tokenizing key infrastructure and state-owned enterprise (SOE) assets for greater liquidity, investor participation, and efficiency within capital markets. Multiple stakeholders both foreign and domestic investors alike. he had developed product-ready digital asset solutions. That could be explored within an authorized regulatory sandbox environment.
Pakistan currently boasts over 20 million active digital asset market users who face various hurdles to thriving digital business, such as high transaction fees. Pakistan’s Finance Minister pledged his dedication to encouraging this industry by adopting appropriate frameworks, laws, and incentives. That promotes transparency while encouraging digital business expansion.
At its conclusion, participants reached a consensus to take an objective yet cautious approach when developing digital assets. To ensure future developments align with national interests, FATF guidelines, and global financial standards.
Foreign delegates, including President Trump’s Advisors on Digital Assets, were present, along with Shaza Fatima Khawaja, Minister of State for IT & Telecom. Governor of the State Bank; Secretary of Finance; and Secretary IT & Telecom, who were all in attendance.
