Pakistan moves to build ‘direct collaboration' with New York Crypto Council
KARACHI: Pakistan's Minister of State for Crypto and Blockchain, Bilal Bin Saqib, has met New York City Mayor Eric Adams, in a 'key step' toward building 'direct collaboration' between the crypto councils of Pakistan and New York, Saqib's office said in a statement on Friday.
The minister, who is also the CEO of the Pakistan Crypto Council (PCC), has been on a visit to the United States since last month, where he has met over a dozen key US government officials and lawmakers to strengthen cooperation in the areas of digital assets, blockchain regulation, and financial innovation.
Pakistan set up the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).
Last month, the government also approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure. Saqib last week also unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas.
'Both New York City and Pakistan have taken bold steps by establishing dedicated Crypto Councils to support the responsible growth of the digital economy,' a statement from Saqib's office said after he met Adams.
'This meeting marked a key step toward building direct collaboration between the New York Crypto Council and the Pakistan Crypto Council— two government-backed bodies committed to shaping the future of Web3.'
Adams and Saqib explored opportunities to co-develop knowledge-sharing initiatives, capacity-building programs, and strategic advisory efforts to foster innovation and also discussed regulatory compliance.
'This event marked the final stop on Minister Saqib's official US tour focused on blockchain innovation, public-private partnerships, and advancing global crypto collaboration. The meeting at Gracie Mansion offered a fitting conclusion— highlighting New York City's pivotal role in global tech leadership and Pakistan's emergence as a bold new voice in the digital asset space,' the statement said.
Late last month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence data centers. The allocation is the first phase of a broader, multi-stage digital infrastructure roll-out.
On Thursday, Pakistan's Finance Minister Muhammad Aurangzeb chaired a meeting at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in the country.
The law ministry tabled a draft of the proposed legal framework during the meeting, which was developed through close collaboration with members of the PCC, key stakeholders and technical experts.
'During the meeting, the draft was thoroughly reviewed and refined,' the Finance Division said. 'It was collectively agreed that in-principle approval process will be fast-tracked to ensure timely enactment and effective implementation.'
The draft legislation outlines a regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols and investor protection provisions, the statement said. The proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem, the statement added.
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