Pakistan Crypto Council reviews regulatory structure for virtual assets

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a follow-up meeting of the Pakistan Crypto Council (PCC) on Thursday to assess advancements in crafting a detailed regulatory structure for digital and virtual assets in Pakistan.

The meeting featured virtual participation from Bilal Bin Saqib, the Special Assistant to the Prime Minister on Blockchain and Crypto, and Chief Executive Officer of the Pakistan Crypto Council Minister.

Governor of the State Bank of Pakistan (SBP), Chairman of the Securities and Exchange Commission of Pakistan (SECP), Secretary, Law & Justice Division, and Secretary, Ministry of Information Technology & Telecommunication also attended the meeting.

During the meeting, the Ministry of Law and Justice tabled a draft of the proposed legal framework, developed through close collaboration with members of the Pakistan Crypto Council, key stakeholders, and technical experts.

The draft legislation outlines a robust regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols, and investor protection provisions.

Designed in alignment with international best practices and evolving global standards, the proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem.

Read More: SBP issues clarification on virtual assets’ legal status

Finance Minister Muhammad Aurangzeb lauded the collaborative efforts of all involved and underscored the importance of swiftly finalizing and operationalizing the framework to provide legal certainty and harness the economic potential of blockchain and crypto technologies in the country.

During the meeting, the draft was thoroughly reviewed and refined. It was collectively agreed that in-principle approval process will be fast-tracked to ensure timely enactment and effective implementation.