ISLAMABAD – Pakistan is on the verge of regulating cryptocurrencies and digital assets, as the government reviews a comprehensive draft law aimed at setting the legal and operational framework for the sector.

In a high-level meeting chaired by Finance Minister Senator Muhammad Aurangzeb, key stakeholders—including heads of the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), Law Ministry, and Ministry of IT and Telecom—gathered in Islamabad. The meeting also saw virtual participation from Bilal Bin Saqib, Minister of State on Blockchain and Crypto, and CEO of the Pakistan Crypto Council (PCC).

During the session, the Ministry of Law and Justice presented a detailed draft of the proposed legislation. This draft was prepared through extensive consultations with regulators and technical experts, aiming to ensure the new law reflects global best practices. It includes clear mechanisms for licensing, governance, compliance, and investor protection in Pakistan’s digital asset market.

Finance Minister Aurangzeb stressed the urgency of moving forward. “We must act swiftly to provide legal clarity and seize economic opportunities that blockchain and crypto technologies offer,” he stated, adding that Pakistan cannot afford to lag behind in this fast-evolving space.

The meeting concluded with a consensus to fast-track the approval process. Officials agreed to refine the draft based on technical feedback and move it quickly through the legal channels for parliamentary review and passage. Once enacted, Pakistan could become one of the few developing countries with a formal crypto regulation framework, potentially opening doors for foreign investment, innovation, and financial inclusion.