Pakistan is working on developing a legal framework for cryptocurrency to boost foreign investment in the country.
Pakistan’s Plans for Crypto Laws
Bilal Bin Saqib, CEO of the Pakistan Crypto Council, emphasized the country’s commitment to establishing clear regulations that foster business growth. In an interview with Bloomberg on March 20, he stated, “Pakistan is done sitting on the sidelines; we want regulatory clarity and a business-friendly legal framework.”
Saqib expressed his ambition to establish Pakistan as a leader in blockchain-powered finance, aiming to draw international investors. He highlighted the country’s young population, with 60% of citizens under the age of 30, and a skilled Web3 workforce ready to innovate in the digital space. According to blockchain analytics firm Chainalysis, Pakistan ranked ninth in global crypto adoption in 2024. Saqib also estimated that there are up to 20 million crypto users in the country.
He further praised former US President Donald Trump for his efforts to promote cryptocurrency, calling him “the biggest bullish catalyst for crypto in history.” Trump has taken steps to create a Bitcoin reserve and accumulate crypto assets forfeited to the government. Saqib remarked, “Trump is making crypto a national priority, and every country, including Pakistan, will need to follow suit or risk falling behind.”
Saqib emphasized that this is just the start of the country’s journey toward embracing blockchain and cryptocurrency. “Pakistan is open for business,” he affirmed.
He also noted that developing countries like Pakistan and Nigeria stand to benefit significantly from the adoption of blockchain and cryptocurrency. By utilizing blockchain for remittances and trade, Saqib explained, these nations could reduce their reliance on traditional banking, cut transaction fees by 5-9%, and create more efficient cross-border payment networks.
