Crypto legalisation on the cards as Pakistan seeks global investments

ISLAMABAD: Pakistan is working on developing a legal framework for cryptocurrency trading, aiming to attract international investment.

The country seeks to establish clear regulations to govern digital assets and enhance its local ecosystem, according to Bilal Bin Saqib, CEO of the Pakistan Crypto Council, during an interview with Bloomberg TV.

Saqib mentioned that Pakistan’s goal is to create a transparent regulatory environment for cryptocurrencies to encourage foreign investments.

His statement follows Prime Minister Shehbaz Sharif’s decision to set up a national crypto council to promote blockchain technology in the country.

“Pakistan is no longer content with sitting on the sidelines. Our aim is to attract global investment because we offer a low-cost, high-growth market, with 60 per cent of our population under 30. We have a Web3-ready workforce eager to contribute,” Saqib said.

He further noted, in an interview with Bloomberg, that countries like Pakistan will need to prioritise crypto following the global trend.

Should Pakistan proceed with legalising cryptocurrency, it would become the first South Asian nation to do so, surpassing India, where digital currencies have faced scepticism. While Pakistan moves forward, Bhutan has also embraced Bitcoin mining, though cryptocurrencies are not recognised as legal tender there.

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