Mon, 26 May 2025 13:46:12 +0100

Pakistan is making significant strides in the cryptocurrency and blockchain sector with the appointment of Bilal Bin Saqib, CEO of the Pakistan Crypto Council, as the Special Assistant to the Prime Minister on Blockchain and Crypto. This move underscores the government's commitment to embracing digital assets and fostering a regulatory environment conducive to innovation. Saqib's appointment, effective immediately, comes under Rule 4(6) of the Rules of Business, 1973, granting him the status of minister of state. Notably, he will serve in this capacity without any salary or official benefits.

This decision follows closely on the heels of other pro-crypto initiatives, including the allocation of 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers. Furthermore, the Ministry of Finance recently endorsed the creation of the Pakistan Digital Assets Authority (PDAA), a dedicated regulatory body tasked with overseeing the licensing, regulation of exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications within the country.

Impact on the Crypto Market

The appointment of a special assistant focused on blockchain and crypto is expected to have several notable impacts on Pakistan's burgeoning crypto market. This strategic move signals a clear intent from the government to formally integrate digital assets into the nation's financial infrastructure.

• Increased Investor Confidence: The appointment of a dedicated government advisor will likely boost investor confidence in the Pakistani crypto market, attracting both domestic and foreign capital.
• Regulatory Clarity: Saqib's task of drafting FATF-compliant crypto regulations could lead to a more defined and stable regulatory framework, reducing uncertainty and encouraging wider adoption.
• Innovation and Growth: The focus on blockchain integration in governance and finance is expected to spur innovation and the development of new crypto-related businesses within Pakistan.
• Boost for Bitcoin Mining: Plans for state-backed Bitcoin mining projects, coupled with allocated electricity, could make Pakistan a significant player in the global Bitcoin mining landscape.

Future Outlook

Looking ahead, Pakistan's proactive approach to crypto suggests a future where digital assets play an increasingly important role in the nation's economy. While challenges remain, the government's commitment indicates a positive trajectory for the crypto ecosystem.

• Continued Regulatory Development: Further refinement and implementation of the PDAA's regulatory framework will be crucial for fostering a sustainable and compliant crypto industry.
• Increased Adoption: Wider integration of blockchain technology into various sectors, such as land records and governance, is anticipated to drive broader adoption and improve efficiency.
• Economic Growth: The crypto sector could contribute significantly to Pakistan's economic growth by attracting investment, creating jobs, and facilitating financial inclusion.
• International Collaboration: Alignment with FATF guidelines will be essential for ensuring that Pakistan's crypto industry can participate in the global financial system without jeopardizing national security.

The appointment of Bilal Bin Saqib signifies a pivotal moment for Pakistan as it embraces blockchain and crypto technology. This strategic initiative is poised to shape the future of digital assets in the country, paving the way for innovation, investment, and economic growth within a regulated and secure environment. The country's proactive stance on **crypto** is likely to encourage greater innovation and investment in the sector.