Pakistan to Legalize Crypto to Attract Foreign Investment Capital
Pakistan aims to legalize cryptocurrency with clear regulations to attract global investment, leveraging its tech-savvy youth and cost-effective environment, influenced by international trends.
Pakistan is working on clear laws for cryptocurrency, Bilal bin Saqib, the country’s newly appointed crypto advisor, has said that the country intends to legalize the digital currency and create a regulatory framework to attract international investment.
Bilal Bin Saqib, head of the Pakistan Crypto Council, said they want clear rules and a friendly business space. He thinks Pakistan can lead in blockchain finance by using its young, tech-savvy people. Saqib is now a key advisor to the finance minister on cryptocurrency, showing the government’s focus on this.
This action comes at a good time because many people in Pakistan already use crypto. Chainalysis says Pakistan was ninth in the world for crypto use last year, with about 20 million users. The finance ministry said in February they will start a National Crypto Council.
This group will handle rules, fix problems, and keep Pakistan’s digital money system safe and growing. The council will also work with other countries to create standard rules for international digital business.
Pakistan to Create Cheap Crypto Environment
A major part of Pakistan’s plan is to provide a cheaper place for crypto companies than places like Dubai and Singapore. Saqib pointed out that Pakistan has lower costs to run a business, which makes it appealing to new companies wanting to start in the area.
Also, the government plans to use a “fair tax system that helps growth” to encourage investment from other countries. To learn what works best, the government plans to talk with the UAE about its rules and is also working with Nigeria and Turkey.
The increase in crypto’s popularity in the United States, especially under President Donald Trump, seems to be affecting Pakistan’s strategy. Saqib described President Trump’s return to the White House as the “biggest positive thing for crypto ever,” mentioning orders that tell rule-making groups to work with digital assets, create a Crypto Advisory Team at the White House, and build a U.S. Bitcoin reserve.
President Trump wants to create a collection of currencies, like Bitcoin, Ether, XRP, SOL, and ADA, and set up test areas for new crypto companies. The U.S. President said his order “told the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”
