Pakistan is reportedly looking into establishing a legal framework for cryptocurrency, aiming to attract foreign investment.
The country appears to be considering the creation of a legal structure for cryptocurrency trading, with the goal of drawing in international investments while enhancing the regulatory clarity for digital asset activities in its expanding crypto market.
In a recent interview, the CEO of the Pakistan Crypto Council, Bilal bin Saqib, expressed that Pakistan is “done sitting on the sidelines,” emphasizing the opportunity to attract global investment by showcasing its “low-cost, high-growth market” and a “web3 native workforce eager to innovate.”
“Pakistan is ready to step up. Our goal is to draw in international investment because we are a low-cost, high-growth market with 60% of our population under 30. We have a web3 native workforce prepared to create.”
Bilal bin Saqib
Currently, crypto trading enjoys significant popularity in Pakistan, ranking ninth worldwide in terms of adoption, according to data from a blockchain analytics company. Estimates suggest there are between 15 million to 20 million crypto users in the country, as reported by Saqib. The data indicates that much of the transaction activity occurs within informal peer-to-peer markets.
While the government’s position on cryptocurrency has been somewhat ambiguous in recent years, it seems officials are now leaning toward a more organized strategy. Saqib noted that international trends, including changes in U.S. policy, might be shaping Pakistan’s dialogue about the crypto sector, stating that “Trump is making cryptocurrencies a national priority, and every nation, including Pakistan, will need to follow suit.”
In November 2024, the State Bank of Pakistan proposed a legal framework to officially recognize digital assets, including cryptocurrencies, as forms of currency. This proposal also included a system for penalizing unauthorized issuers of digital currency. Incorporating digital currency management into the State Bank’s functions would allow it to oversee both physical and digital currencies effectively.