Changpeng Zhao, one of the world's richest persons and owner of Binance cryptocurrency exchange company, has been appointed as Strategic Advisor of the Pakistan Crypto Council, as Islamabad looks to promote digital currencies without violating Financial Action Task Force (FATF) guidelines.
In a groundbreaking move poised to reshape the global crypto landscape, Changpeng Zhao, visionary founder of Binance and one of the most influential figures in Web3, has officially been appointed as a Strategic Advisor to the Pakistan Crypto Council (PCC), according to an announcement by the Ministry of Finance on Monday.
Zhao met with Pakistan's Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, and Punjab leadership, in addition to meeting with other key stakeholders.
Zhao, having a net worth of over $66 billion and ranked as the world's 24th richest person, stepped down as Binance's Chief Executive Officer in November 2023 after he pleaded guilty to failing to maintain an effective anti-money laundering programme. He paid a $50 million fine and served four months in prison, according to Forbes.
Zhao still owns an estimated 90% of the world's largest cryptocurrency exchange.
For the past few months, the government has been trying to find ways to promote digital currencies and has also proposed amendments to the State Bank of Pakistan (SBP) law to declare it a legal tender. The amendments are pending before the federal cabinet for approval.
Finance Minister Muhammad Aurangzeb said on Saturday that people had reservations in the past about cryptocurrencies. He added that Pakistan exited the FATF and does not want to go back to the FATF grey list again.
In the past, the central bank had issued an advisory against dealing in cryptocurrencies and it is still an illegal tender in Pakistan.
Aurangzeb said that Pakistan ranks at 7th position among the countries dealing in cryptocurrencies and crypto is the new economy, which should at least be explored. The finance minister said that tokenisation of assets, Bitcoin mining, and blockchain technologies were a few areas where the government was focusing.
Aurangzeb said the government was looking to introduce a licensing regime for the promotion of digital currencies in Pakistan.
The government had set up the Pakistan Crypto Council (PCC) to establish clear regulatory guidelines to facilitate crypto adoption. It is also engaging with international crypto and blockchain organisations to ensure the adoption of best practices.
PCC's focus remains on developing clear regulatory policies, engaging stakeholders from both the public and private sectors, and positioning Pakistan as a key player in the global digital asset landscape. The council also has the mandate to protect consumers and ensure financial security through robust legal and compliance frameworks.
The finance ministry stated that Zhao also held separate meetings with the prime minister and deputy prime minister of Pakistan.
"Appointment of Zhao as Strategic Advisor to Pakistan Crypto Council is a landmark moment for Pakistan," said Aurangzeb. "We are sending a clear message to the world: Pakistan is open to innovation," said the finance minister.
"With Zhao onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth," said the finance minister.
"Pakistan is opening its doors to the future of finance," said Bilal Bin Saqib, CEO of the Pakistan Crypto Council. "And who better to guide us on this journey than Zhao, a pioneer who built the world's largest crypto exchange and changed the way billions think about financial freedom," said Bilal.
As an official strategic advisor to the council, Zhao will provide guidance on regulation, infrastructure, education, and adoption, according to the finance ministry. He will work closely with the Government of Pakistan and the private sector to create a compliant, inclusive, and globally competitive crypto ecosystem, it added.
"Pakistan is a country of 240 million people, over 60% of whom are under the age of 30. The potential here is limitless," Zhao remarked.
PCC is spearheading this digital transformation. Zhao's appointment signals a bold new era, where Pakistan joins the ranks of Singapore, Dubai, and Switzerland as a progressive, Web3-ready nation, according to the finance ministry.
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