Pakistan Charts Course For Crypto Regulation To Attract Global Investors

(MENAFN- The Arabian Post)

Pakistan is moving decisively towards establishing a legal framework for cryptocurrency trading, aiming to position itself as a hub for blockchain-powered finance and attract international investment.

Bilal Bin Saqib, the newly appointed Chief Executive Officer of the Pakistan Crypto Council, emphasized the country's readiness to embrace digital assets.“Pakistan is done sitting on the sidelines; we want regulatory clarity and a legal framework that is pro-business,” Saqib stated. He highlighted Pakistan's potential as a leader in blockchain finance, noting that“60% of the population is under 30; we have a Web3-native workforce ready to build.”

The Pakistan Crypto Council, established under the Ministry of Finance, is tasked with developing regulations and promoting blockchain technology and digital assets within the country. This initiative marks a significant shift from the central bank's previous warnings against cryptocurrency use, citing concerns over fraud and financial instability.

Despite past apprehensions, Pakistan ranks ninth globally in crypto adoption, with an estimated 15 to 20 million Pakistanis engaging in cryptocurrency trading. This substantial user base underscores the pressing need for a clear regulatory environment to safeguard investors and stimulate economic growth.

Saqib, recognized by Forbes as a Web3 investor and blockchain strategist, highlighted Pakistan's competitive advantage in the crypto space. He pointed out that the country offers one of the lowest operating costs for crypto businesses, making it a more cost-effective alternative to hubs like Dubai and Singapore.

The government's proactive stance includes plans to engage with countries like the United Arab Emirates, Nigeria, and Turkey to learn from their regulatory experiences. This collaborative approach aims to ensure that Pakistan's digital asset ecosystem evolves securely, compliantly, and sustainably.

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On the taxation front, the government intends to adopt a“balanced pro-growth tax structure” designed to attract foreign investment while fostering domestic innovation. This strategy reflects a commitment to creating a business-friendly environment that encourages the integration of blockchain technology into various sectors of the economy.

The establishment of the Pakistan Crypto Council underscores the government's commitment to integrating blockchain technology with the financial landscape. The council's role includes overseeing policy development, addressing regulatory challenges, and collaborating with international bodies to develop standardized frameworks for digital economic engagement.

This move aligns with global trends, as countries worldwide are increasingly recognizing the potential of cryptocurrencies and blockchain technology. By creating a clear regulatory framework, Pakistan aims not only to attract international investors but also to position itself as a leader in the rapidly evolving digital economy.

Arabian Post – Crypto News Network

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