Pakistan mulls establishing national crypto council, says FM Aurangzeb

ISLAMABAD: The Federal Finance Minister Aurangzeb has stressed the need for an effective, transparent and globally coordinated framework for digital assets. The government has agreed to formulate a policy for digital assets in accordance with international financial norms.

A high-level meeting on digital assets was chaired by the finance minister, which was attended by former US President Donald Trump’s digital assets advisor, Minister of State for IT, Governor of State Bank and other officials.

The discussions covered global trends, regulations and the impact of cryptocurrencies on Pakistan’s economy. The finance minister stressed the importance of creating a transparent and effective framework for digital assets that meets global standards.

He directed that digital asset be regulated in accordance with FATF guidelines and highlighted the government’s focus on leveraging blockchain technology for the development of the financial sector.

The meeting also reviewed the tokenization of government infrastructure and public sector assets.

Muhammad Aurangzeb noted that tokenization will increase investment opportunities, boost capital markets, and allow local and foreign investors to test digital asset solutions in a regulatory sandbox.

It has been revealed that over 20 million active digital asset users in Pakistan are facing difficulties due to high transaction fees.

The Finance Minister stressed on promoting digital businesses and creating a transparent legal framework, directing the development of a comprehensive plan to ensure regulatory compliance, financial security, and transparency.

He announced that the government is considering the establishment of a national crypto council, which will assist in policy formulation and regulation. The council will include representatives from government agencies, regulatory authorities, and industry experts.

He added that the crypto council will help formulate international standard regulations and integrate Pakistan into the global digital economy.

The finance minister stressed the need to adopt a balanced strategy to encourage investment in digital assets and innovative trends. It was agreed that the national policy on digital assets would be in line with FATF guidelines, international financial standards and national interests.