ISLAMABAD: Federal Minister for Finance, Senator Muhammad Aurangzeb, presided over a high-level meeting on digital assets.
The meeting was attended by advisors on digital assets from former US President Donald Trump’s team, the Minister of State for IT, the Governor of the State Bank of Pakistan, and other senior officials.
A detailed discussion was held on global trends in cryptocurrency, regulations, and their impact on Pakistan’s economy. The finance minister emphasised the need to develop an effective, transparent, and globally standardised framework for digital assets. He directed authorities to ensure that the regulatory framework for digital assets aligns with Financial Action Task Force (FATF) guidelines.
The government is focusing on leveraging blockchain technology to enhance the financial sector. Discussions were also held on the tokenisation of government infrastructure and public sector assets. The finance minister highlighted that tokenisation would create new investment opportunities and boost the capital market.
Digital asset solutions developed by local and international investors will be tested within a regulatory sandbox. Pakistan currently has over 20 million active digital asset users, who face challenges due to excessive transaction fees.
The finance minister stressed the importance of promoting digital business and establishing a transparent legal framework. He instructed that a comprehensive framework be developed to ensure regulatory compliance, financial security, and transparency.
The government is considering establishing a National Crypto Council to support policy-making and regulation in the digital asset sector. The National Crypto Council will comprise government officials, regulatory authorities, and industry experts. It will be responsible for formulating global-standard regulations and ensuring Pakistan’s participation in the international digital economy.
The finance minister emphasised the need for a balanced strategy to encourage investment in digital assets and promote emerging financial trends.
The meeting concluded with an agreement to formulate policies on digital assets in line with national interests, FATF guidelines, and global financial standards.
