PCC will create a framework for digital assets.
ISLAMABAD: The Ministry of Finance said Monday that the Pakistan Crypto Council (PCC) had decided to establish a technical committee with the responsibility of creating a regulatory framework for digital and virtual assets.
PCC Chief Executive Officer Bilal Bin Saqib, the Governor of the State Bank of Pakistan (SBP), the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and senior officials from several government departments attended a high-level meeting presided over by Finance Minister Muhammad Aurangzeb, where the development was revealed.
Discussions focused on bringing Pakistan’s digital finance strategy into line with international norms and staying up to date with the quickly changing technology landscape, according to the ministry’s news release.
A draft of the regulatory procedures for digital and virtual assets was reviewed at the meeting.
One of the main recommendations was the establishment of an independent regulatory agency to monitor the nation’s cryptocurrency and digital money sector. Participants overwhelmingly agreed with the concept, opening the door for a concerted institutional response.
“It was agreed to constitute a technical committee comprising representatives from SBP, SECP, Law Division, and IT & Telecom Division,” said the ministry.
In the upcoming PCC session, the committee will review the proposed law, improve the governance model, and provide a thorough framework.
In order to create “a secure, transparent, and innovation-friendly regulatory environment,” which would facilitate “responsible blockchain adoption, safeguarding investors and advancing financial inclusion,” stakeholders offered crucial feedback, the announcement stated.
The state’s dedication to constructing a contemporary financial infrastructure was emphasised by Finance Minister Aurangzeb, who also praised the efforts of all parties concerned.
“Future-ready financial infrastructure that supports innovation while maintaining financial stability and regulatory compliance” is the government’s stated objective, he reiterated.
The action was taken in the midst of an increasing push for crypto legislation in Parliament.
Just last week, PPP MP Sharmila Faruqi’s digital money bill was discussed by the National Assembly Standing Committee on Finance.
Imdadullah Bosal, the finance secretary, emphasised the urgent need for a regulatory plan during the meeting while restating that the current cryptocurrency ban was still in place.
Bilal Bin Saqib, the CEO of PCC, made news that same day when he announced the establishment of Pakistan’s first government-backed Strategic Bitcoin Reserve.
Additionally, he announced the creation of a national bitcoin wallet to store digital assets already held by the state, rather than for trading or speculation.
In March of this year, the Pakistan Crypto Council was formally established with the goal of assisting in the regulation and incorporation of digital assets and blockchain into the country’s financial system.
