Pakistanis are calling for clear crypto regulatory frameworks, arguing that it will help foster the crypto industry. The President of the Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Muhammad Saleem Memon, hailed the country’s move towards that area. According to Memon, the government’s efforts to promote cryptocurrency and the blockchain have not gone unnoticed, noting it as a game changer for the country’s economy. Pakistan has seen quite the brush with digital assets, with the State Bank of Pakistan currently against banks and other financial institutions dealing in cryptocurrencies due to fraud, money laundering, and a clear lack of regulatory oversight.
However, Memon thinks the country is on the right path in this regard, noting the appointment of Bilal Bin Saqib as Chief Advisor to the Finance Minister for the Pakistan Crypto Council as a win for the digital economy. While the effect of the appointment remains to be seen, Memon thinks the appointment is a step in the right direction for the crypto industry in Pakistan.
HCSTSI president calls for clear regulations to boost the sector
According to a statement shared on Saturday, Memon mentioned that integrating modern technology like blockchain and digital assets into the country’s business landscape is very crucial in reshaping it. He highlighted that digital assets are currently gaining prominence globally, with countries like the United Arab Emirates (UAE), Japan, and the United States.
He also added that the United States is presently taking the right approach to regulate the crypto sector to boost its economic growth. Memon added that El Salvador has also been making strides in the crypto industry, adopting Bitcoin and giving it a legal tender status in the country as a means to lead economic improvements. Memon highlighted that as of 2021, Pakistan ranked third in global crypto adoption, with Pakistanis carrying out transactions worth $20 billion in that year. He added that a regulated industry could boost the numbers, noting that it could attract billions in foreign reserves, and investments, and enhance transparency. Memon also added that the country could use the technology as a means to streamline remittances, just like other countries globally.
Pakistan currently has about 20 million active crypto users who have faced several challenges, including high transaction fees over the last few years. It remains to be seen what this new appointment will birth, but Memon believes that it should provide ease of life and comfort for traders in the crypto industry and those coming in new.
Pakistan authorities set to oversee crypto policy
In his statement, Memon argued the uses of blockchain technology, noting that integrating it could help establish a secure payment system and reduce corruption. Memon has urged the government to introduce clear regulations as the Council comprising the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) continue to look into the development of a secure and legal framework for the crypto industry.
The decision was made following a meeting with United States President Donald Trump, who has drummed on the need to make the crypto industry a tool to ensure that the United States remains great. In the meeting, several topics were discussed, ranging from the evolution of crypto, its increased adoption, and how regulatory frameworks can be implemented in line with the US government policies. The council is an advisory body that consists of representatives from the government, regulatory authorities, and industry experts. Aside from overseeing the formation of policies, the council will ensure that the policies are created to international standards through collaborations with other countries.
The Finance Ministry had been against regulating crypto in the country until last year. However, Finance Minister Muhammed Aurangzeb has promised to look into the issue with an open mind, noting that it is important to create a well-regulated framework for the crypto industry. Countries have been looking into the establishment of crypto-friendly policies since Donald Trump was elected as the United States President in November 2024.
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