Islamabad:
Pakistan Crypto Council (CCP) agreed on Monday to form a technical committee responsible for developing a regulatory framework for digital and virtual assets, the Ministry of Finance announced on Monday.
The development appeared at a high -level meeting chaired by the Minister of Finance Muhammad Aurangzeb and which attended the CEO of PCC, Bilal Bin Saqib, the Governor of the State Bank of Pakistan (SBP), the president of the Securities and Exchange Commission of Pakistan (SECP) and senior officials of various government departments.
According to the ministry’s press release, discussions focused on the alignment of the approach of Pakistan in digital finance with global standards and to keep pace with rapidly evolving technological progress.
The meeting examined a preliminary project of regulatory protocols for digital and virtual assets.
The key among the proposals was the creation of an autonomous regulatory body to supervise the ecosystem of cryptography and digital finance of the country. The idea collected a large consensus of participants, paving the way for a coordinated institutional approach.
“It has been agreed to constitute a technical committee including representatives of SBP, SECP, the Division of Law and the IT and telecommunications division,” said the ministry.
The Committee will examine the bill, will refine the governance model and have a complete framework at the next PCC session.
According to the press release, the stakeholders provided essential contributions to “a secure regulatory environment, transparent and adapted to innovation”, which would allow “responsible adoption of blockchain, to safeguard investors and to advance financial inclusion”.
The Minister of Finance, Aurangzeb, praised the efforts of all the parties involved and underlined the state’s commitment to build a modern financial infrastructure.
He reaffirmed the government’s objective to create a “financial infrastructure ready for the future which supports innovation while maintaining financial stability and regulatory compliance”.
This decision comes in the midst of an increasing push of the Parliament for cryptographic legislation.
Last week, the Standing Committee of the National Assembly on Finance deliberated on a bill on the digital currency presented by the PPP Sharmila Faruqi legislative.
During the session, the finance secretary, Imdadullah Bosal, reiterated that the current ban on cryptocurrency was in force, although he highlighted the urgent need of a regulatory roadmap.
On the same day, the CEO of PCC, Bilal Bin Saqib, made the headlines by announcing the launch of the first Bitcoin strategic reserve supported by the Government of Pakistan.
He also revealed the creation of a Bitcoin national portfolio, not intended for trade or speculation, but to have digital assets already under the care of the state.
Pakistan Crypto Council was officially launched in March of this year with a mandate to help regulate and integrate blockchain and digital assets into national financial architecture.
