Pakistan crypto market rises despite early skepticism In May 2023, former Minister of State for Finance and Revenue Aisha Ghaus Pasha said that Pakistan would never legalize cryptocurrencies due to the potential for digital assets to circumvent regulations created by the Financial Action Task Force, the supranational organization that polices finance for money laundering. Related: Pakistan Crypto Council proposes using excess energy for BTC miningHowever, the following year, Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in ninth, mainly due to strong retail adoption and transactions at centralized services.
The new regulatory body was part of a recommendation from the Pakistan advisory body, the Cryptocurrency Council, which was launched on March 14 and has former Binance CEO Changpeng Zhao as an adviser.“This is not just about crypto — it’s about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance and Web3 innovation,” said Bilal Bin Saqib, CEO of Pakistan's Crypto Council.
Muhammad Aurangzeb, federal minister for finance and revenue, told the broadcaster, “Pakistan must regulate not just to catch up, but to lead” in the industry.“With the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation,” he said.
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Author / Journalist: Cointelegraph by Stephen Katte
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