Pakistan Has Established the Pakistan Crypto Council (PCC) to Oversee the Adoption and Regulation of Blockchain Technology and Digital Assets

According to details, the PCC will help advance crypto adoption within the country's financial ecosystem.

Pakistan has created the Pakistan Crypto Council (PCC) to oversee the adoption and regulation of blockchain technology and digital assets, the Ministry of Finance announced on Thursday.

The new council will be chaired by Senator Muhammad Aurangzeb, the country’s Finance Minister. The team will also include the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries.

The development follows a February meeting on digital assets, where Aurangzeb highlighted the importance of Pakistan developing a well-regulated framework for digital assets.

This alignment with international best practices and compliance with the Financial Action Task Force (FATF) guidelines was also noted by the government at the time.

This, and the March 15 announcement, comes after the country previously banned cryptocurrency due to concerns over money laundering and terror financing.

Amid this latest move, the focus will be on turning Pakistan into one of the leading hubs for crypto innovation and adoption.

The shift in stance also comes as Pakistan is ranked among the top nations for crypto adoption, with an estimated 20 million active users and over $20 billion in transactions annually.

The nation’s $35 billion remittance market is also set to benefit from this pivot.

According to the statement, the agenda for the PCC includes assisting the government in moving towards clear regulatory guidelines, engaging with global blockchain entities, and prioritizing consumer protection and financial security through a strong legal framework.

The country aims for clear crypto framework

The move to appoint Saqib comes after the Ministry of Finance described it as “a significant step forward.”

Together, these initiatives will help harness the potential of digital currencies while mitigating risks. The mandate of the PCC is to balance innovation with accountability, aligning Pakistan with international trends in digital finance and reinforcing its economic ambitions on the world stage.

In the United States, the administration has recently created a strategic bitcoin reserve, held an inaugural White House crypto summit and has new pro-crypto leadership at key government agencies.

The European Union’s Markets in Crypto-Assets (MiCA) is also in full effect and Russia is reportedly tapping into crypto for oil trade.