Pakistan is moving to establish a legal framework for cryptocurrency trading, aiming to attract significant foreign investment and become a leader in blockchain finance.
This initiative is part of a broader strategy to position Pakistan as a major player in the global crypto market, competing with hubs like Dubai, Singapore, and Hong Kong.
According to Bilal Bin Saqib, CEO of the Pakistan Crypto Council, the country seeks to create a pro-business environment by providing regulatory clarity.
"Pakistan is done sitting on the sidelines; we want to have regulatory clarity; we need to have a legal framework that is pro-business," Saqib emphasised.
He also highlighted Pakistan's potential as a low-cost, high-growth market, with 60% of its population under 30 years old, ready to build Web3 technologies.
Saqib was recently appointed as chief adviser to Pakistan's finance minister for digital asset management, signaling the government's commitment to fostering the local crypto ecosystem.
"We want Pakistan as the leader in blockchain-powered finance, and we want to attract international investment," he noted.
Pakistan ranks ninth globally in cryptocurrency adoption, with estimates suggesting between 15 and 20 million crypto users in the country.
Saqib believes that developing nations like Pakistan can significantly benefit from blockchain technology by reducing reliance on traditional banking and creating efficient cross-border payment networks.
Saqib also referenced U.S. President Donald Trump's efforts to prioritise cryptocurrency.
"Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit or will be at the risk of being left behind," Saqib stated.
This push for crypto legalisation is seen as a strategic move to align with global trends and attract substantial foreign investment.