Pakistan Crypto Council agrees on technical committee for draft laws, regulatory framework

The Pakistan Crypto Council (PCC) on Monday agreed to constitute a technical committee to review draft laws and propose a robust framework and governance structure for digital and virtual assets, a statement from the Finance ministry said.

The development came as a high-level meeting of the PCC was held at the Finance Division, chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.

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The meeting was attended virtually by Bilal Bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and Chief Executive Officer of the PCC.

“It was agreed to constitute a technical committee comprising representatives from SBP, SECP, Law Division, and IT & Telecom Division.

“The committee will review the draft laws and propose a robust framework and governance structure to be reviewed by the Pakistan Crypto Council in its next meeting,” the statement read.

The meeting focused on the draft regulatory framework for digital and virtual assets in Pakistan, aiming to align with international standards and evolving technological trends.

Participants also discussed various options around the establishment of an autonomous regulatory authority to oversee and regulate the digital finance and crypto ecosystem in the country, the Finance Division said.

“Members of the Council provided valuable input to ensure a secure, transparent, and innovation-friendly regulatory environment, with the goal of promoting responsible blockchain adoption, safeguarding investors, and advancing financial inclusion.”

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The chair appreciated the contributions of all stakeholders and reaffirmed the government’s commitment to building a future-ready financial infrastructure that supports innovation while maintaining financial stability and regulatory compliance, it added.

The meeting was also attended virtually by the Governor, State Bank of Pakistan while Chairman, Securities and Exchange Commission of Pakistan; Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication, joined in person.