Islamabad:
Pakistan Crypto Council (PCC) agreed to form a technical committee on Monday to develop a regulatory framework for digital and virtual assets, announced the Ministry of Finance on Monday.
The development emerged during a meeting with a high level as chairman of Finance Minister Muhammad Aurangzeb and participated by PCC administrative director Bilal Bin Saqib, Governor of the State Bank in Pakistan (SBP), the chairman of Securities and Exchange Commission of Pakistan (SECP) and senior officials from various government departments.
According to the Ministry’s press release, discussions were centered on adapting Pakistan’s approach to digital funding with global standards and keeping pace with rapidly evolving technological advances.
The meeting reviewed a preliminary draft of regulatory protocols for digital and virtual assets.
Key among the proposals was the creation of an autonomous legislative body to oversee the country’s crypto and digital financing ecosystem. The idea got a broad consensus from the participants and paved the way for a coordinated institutional approach.
“It was agreed to constitute a technical committee consisting of representatives from SBP, SECP, Law Division and IT & Telecom Division,” the ministry said.
The committee will investigate the draft legislation, refine the government model and present a comprehensive framework in the next PCC session.
According to the release, stakeholders gave critical input into “a safe, transparent and innovation-friendly legislative environment”, one that would enable “responsible blockchain resumption, protect investors and promote financial inclusion”.
Finance Minister Aurangzeb paid tribute to the efforts of all parties involved and emphasized the state’s obligation to build a modern financial infrastructure.
He confirmed the government’s goal of creating a “clear financial infrastructure that supports innovation while maintaining financial stability and regulatory compliance”.
The move comes in the midst of a growing push in parliament for crypto -acquisition legislation.
Just last week, the National Assembly’s standing committee for financing a bill on digital currency introduced by PPP legislator Sharmila Faruqi was considering.
During the session, Financial Secretary Imdadullah Bosal repeated that the existing ban on cryptocurrency remained in force, although he emphasized the pressing need for a regulatory roadmap.
On the same day, PCC CEO Bilal Bin Saqib headlines came by announcing the launch of Pakistan’s first government -backed strategic Bitcoin Reserve.
He also revealed the creation of a national Bitcoin design book that was not intended for trade or speculation, but to keep digital assets already under state custody.
Pakistan Crypto Council was formally launched in March this year with a mandate to help regulate and integrate blockchain and digital assets into national economic architecture.
