On May 30, it was reported that the Pakistan Crypto Council plans to hold an important meeting on June 2 to address upcoming regulations concerning digital currencies and cryptocurrencies. This gathering will be chaired by Muhammad Aurangzeb, who serves as the Federal Finance Minister. Key participants include Bilal Bin Saqib, CEO of the Pakistan Crypto Council, alongside leading representatives from both the State Bank of Pakistan and the Securities and Exchange Commission.
The Ministry of Finance has stated that this gathering will serve as a strategic forum to establish a well-defined legal and regulatory structure for digital and virtual assets within Pakistan. The objective is to make sure that these regulations conform to global benchmarks and evolve alongside rapidly advancing technology in the cryptocurrency sector.
The main emphasis of the meeting will be on outlining the preliminary measures for establishing the Pakistan Virtual Assets Regulatory Authority. As an independent entity, this authority will oversee the nation’s digital financial sector, encompassing cryptocurrencies, and assist in monitoring and regulating associated actions to guarantee transparency and safety.
The council aims to create a secure and open ecosystem that fosters the responsible application of blockchain technology, safeguards investors, and enhances broader financial access. This gathering underscores the government’s dedication to readying Pakistan’s monetary framework for the upcoming digital economic landscape.
As digital assets expand swiftly across the globe, Pakistan aims to find a equilibrium between fostering innovation and implementing regulations to enhance investor trust while avoiding misuse.