Video: Pakistan Moves Toward Crypto Legalization

Pakistan is moving forward with plans to legalize cryptocurrency, marking a shift in its financial landscape. After years of hesitation, the government has now confirmed its commitment to regulating digital currencies. This move could position Pakistan as a hub for financial innovation.

Bilal Bin Saqib, a key advisor, spoke to Bloomberg on March 20, 2025, about the country’s intentions. He stated that Pakistan wants to “attract international investment” through blockchain technology. Millions of young, tech-savvy Pakistanis are already involved in crypto, making this a timely initiative. The goal is to modernize the economy and reduce reliance on traditional banking.

To manage this transition, the government has introduced the ‘Virtual Assets Bill 2025’ and the ‘National Virtual Assets Regulatory Commission’. These regulatory bodies will oversee licensing, compliance, and enforcement. The bill also proposes ‘Virtual Asset Zones’ to encourage foreign investment and innovation.

With a strong focus on its young population, Pakistan aims to become a regional leader in blockchain technology. By reducing dependence on conventional banking, the country hopes to create new economic opportunities. At the same time, strict penalties will be enforced against unapproved issuers to ensure compliance with international anti-money laundering laws.

Why Is Pakistan Legalizing Crypto?

The primary reason behind this move is to attract foreign investment. In a recent interview, ‘Bilal Bin Saqib, CEO of the Pakistan Crypto Council’, emphasized the country’s potential. He noted that Pakistan has a ‘60% under-30 population’, describing it as a “Web3-native workforce ready to build.”

He also pointed out that Pakistan wants to go beyond being seen as just a “low-cost, high-growth market.” Instead, the country hopes to become a key destination for global crypto investors. However, for this to happen, Pakistan needs clear legislation to unlock economic opportunities.

Despite the benefits, concerns remain about money laundering and illegal financial activities. The ‘Financial Action Task Force (FATF)’ has warned that weak monitoring could land Pakistan on the ‘gray list’, posing national security risks.

Another challenge is the country’s economic instability. Inflation has surged to ‘29%’, and the rupee remains volatile. Unregulated crypto trading could worsen financial uncertainty. Therefore, Pakistan must balance innovation with strong anti-money laundering measures.

Looking ahead, Pakistan’s crypto future depends on gradual adoption of blockchain and digital currencies. The ‘State Bank of Pakistan (SBP)’ plans to launch a ‘central bank digital currency (CBDC)’ by late 2025. This digital currency will focus on improving digital payments and financial inclusion.

Beyond finance, blockchain is being integrated into land records and charity systems, increasing transparency and reducing fraud. These initiatives reflect Pakistan’s goal of modernizing its economy while maintaining strict oversight to minimize risks.
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