The Pakistan Crypto Council (PCC) on Monday agreed to form a technical committee tasked with developing a regulatory framework for digital and virtual assets, the Ministry of Finance announced on Monday.
The development emerged during a high-level meeting chaired by Finance Minister Muhammad Aurangzeb and attended by 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 various government departments.
According to the ministry's press release, discussions centred on aligning Pakistan's approach to digital finance with global standards and keeping pace with rapidly evolving technological advancements.
The meeting reviewed a preliminary draft of regulatory protocols for digital and virtual assets.
Key among the proposals was the creation of an autonomous regulatory body to oversee the country's crypto and digital finance ecosystem. The idea garnered broad consensus from participants, paving the way for a coordinated institutional approach.
"It was agreed to constitute a technical committee comprising representatives from SBP, SECP, Law Division, and IT & Telecom Division," the ministry stated.
The committee will examine the draft legislation, refine the governance model and present a comprehensive framework in the next PCC session.
According to the release, stakeholders provided critical input for "a secure, transparent, and innovation-friendly regulatory environment," one that would enable "responsible blockchain adoption, safeguarding investors and advancing financial inclusion".
Finance Minister Aurangzeb lauded the efforts of all parties involved and underscored the state's commitment to building a modern financial infrastructure.
He reaffirmed the government's goal of creating a "future-ready financial infrastructure that supports innovation while maintaining financial stability and regulatory compliance".
The move comes amid a growing push in Parliament for crypto legislation.
Just last week, the National Assembly Standing Committee on Finance deliberated on a digital currency bill introduced by PPP lawmaker Sharmila Faruqi.
During the session, Finance Secretary Imdadullah Bosal reiterated that the existing ban on cryptocurrency remained in effect, though he stressed the urgent need for a regulatory roadmap.
The same day, PCC CEO Bilal Bin Saqib made headlines by announcing the launch of Pakistan's first government-backed Strategic Bitcoin Reserve.
He also revealed the establishment of a national bitcoin wallet, intended not for trade or speculation, but to hold digital assets already under state custody.
The Pakistan Crypto Council was formally launched in March this year with a mandate to help regulate and integrate blockchain and digital assets into the national financial architecture.
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