Pakistan plans virtual assets regulator as crypto council convenes next week
KARACHI: Pakistan plans to establish a regulatory body to oversee digital assets, with the proposal set to be discussed at a meeting of the Pakistan Crypto Council next week, the finance minister said on Friday.
The move marks a significant shift for the South Asian nation, which had previously banned cryptocurrency transactions in 2018, citing financial risks and lack of regulation.
The Pakistan Crypto Council, set up in March, was formed to guide policy on blockchain, digital currencies and attract crypto-related investment as the government reconsiders its approach to digital finance.
'The Pakistan Crypto Council will convene a high-level meeting on Monday, 2nd June 2025, to be chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue,' the ministry said in an official statement.
'Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements,' it continued. 'A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country.'
Earlier this 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 (AI) data centers.
Additionally, Bilal Bin Saqib, CEO of the Pakistan Crypto Council, unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas.
The upcoming council meeting aims to lay down the foundation for a secure, transparent and innovation-friendly regulatory environment.
The finance ministry said the upcoming meeting would reflect the government's commitment to shaping a future-ready financial infrastructure while ensuring stability and compliance in the emerging digital economy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
4 hours ago
- Arab News
Pakistan's new electric vehicle policy targets 30% green cars by 2030
ISLAMABAD: Pakistan has unveiled an ambitious New Electric Vehicle Policy (NEVP) 2025–2030 that targets 30% of all new vehicle sales to be electric by 2030, Pakistani state media reported on Sunday. The policy, which covers cars, buses, motorcycles and rickshaws, aims to accelerate the country's shift toward sustainable transport, reduce fossil fuel dependence, and curb climate-warming emissions, the state-run APP news agency reported. Pakistan imports most of its energy needs and the country's urban areas exhibit some of the world's highest levels of air pollution, primarily due to sub-2.5 μm particulate emissions. This issue significantly impairs both the country's economy and the quality of life of its residents. 'Transitioning to electric vehicles (EVs) is critical for a healthier, greener and economically stable future,' Muhammad Saleem Shaikh, a spokesperson for the Climate Change Ministry, told APP, contending that transport sector was a major contributor to air pollution and greenhouse gas emissions in Pakistan. With the NEVP now in effect, Pakistan, which has seen erratic changes in its weather patterns which experts blame on climate change, joins a growing list of nations pushing for zero-emission mobility to combat climate change and urban pollution. Mohammad Asif Sahibzada, director-general of the Climate Change Ministry, highlighted that EVs produce zero tailpipe emissions, which will significantly reduce urban smog and help Pakistan meet its international commitments. 'This shift will also lower respiratory and cardiovascular diseases, particularly benefiting children and the elderly,' he added. The policy aims to cut Pakistan's reliance on imported fossil fuels, shielding the economy from global oil price fluctuations. EVs are also expected to offer long-term savings for consumers through reduced fuel and maintenance costs. The government plans to incentivize EV adoption through tax breaks, subsidies, and infrastructure development, including nationwide charging stations. 'Electric vehicles are not just about transport; they are central to Pakistan's climate action strategy,' Muhammad Azeem Khoso, the ministry's director for urban affairs, was quoted as saying by the APP. 'This policy marks a decisive step toward a cleaner, more resilient future.'
Arab News
8 hours ago
- Arab News
Pakistan urges OIC to transform its pronouncements on Kashmir into ‘tangible actions'
ISLAMABAD: Pakistan's deputy prime minister has urged the Organization of Islamic Cooperation (OIC) to transform its pronouncements on the disputed Kashmir region into 'tangible actions,' the Pakistani foreign office said on Sunday, following a meeting of the OIC Contact Group on Jammu and Kashmir. The meeting took place on the sidelines of the 51st session of the OIC Council of Foreign Ministers in Istanbul, which came in the backdrop of Israeli military campaign against Iran and Pakistan's recent military conflict with India. While Pakistan's brief standoff with India ended in a ceasefire last month, Israel's attacks on Iran were followed by US airstrikes on three Iranian nuclear facilities, raising fears of further instability in an already volatile region. Addressing envoys of OIC member states, Pakistan's deputy premier and foreign minister, Ishaq Dar, described New Delhi's actions in Indian-administered Kashmir as a replication of the Israeli designs in Palestine, referring to alleged human rights violations and attempts to change demographics of the disputed Himalayan territory. 'The OIC's pronouncements on Jammu and Kashmir are a major source of support to the Kashmir cause,' Dar said. 'However, in view of the mounting challenges to the Kashmiri struggle, the OIC should transform its pronouncements into tangible actions. The Organization should scale up its efforts for mitigation of the Kashmiri people's sufferings and finding a just settlement of the Jammu and Kashmir dispute.' Kashmir has been divided between Pakistan and India since their independence from Britain in 1947. Both countries have fought two of their four wars over the disputed region, which is ruled in part but claimed in its entirety by both India and Pakistan. The latest conflict between the two neighbors was also triggered by a militant attack in Indian-administered Kashmir's Pahalgam resort town, which killed 26 tourists on April 22. India blamed the attack on Pakistan, a charge Islamabad denies. New Delhi has long accused Pakistan of fanning an insurgency on its side of Kashmir. Islamabad denies this and maintains that it only offers moral, political and diplomatic support to the Kashmiris. Dar said Indian authorities exploited the Pahalgam attack to launch a massive crackdown in Kashmir. 'There are reports that over 2800 Kashmiris were arrested or questioned in the immediate aftermath of the attack,' he said. 'The draconian Public Safety Act was slapped on at least 75 of them. The police carried out extensive searches at multiple residences of the locals. Around three dozen houses were razed to ground through the use of explosives.' The Pakistani deputy PM said the disturbing developments in Indian-administered Kashmir have once again shown that a peaceful settlement of the Kashmir dispute is imperative for a lasting peace in South Asia. 'The region is home to over one-fifth of the world population. It could ill-afford the consequences of irresponsible Indian actions,' he said, urging the OIC and its members to use their influence to urge India to improve the human rights situation, release political prisoners and implement relevant United Nations Security Council resolutions in Indian-administered Kashmir.
Arab News
11 hours ago
- Arab News
Pakistan says US strikes on Iran nuclear sites violate international law, IAEA statute
ISLAMABAD: The United States (US) airstrikes on Iranian nuclear facilities violate international law and the International Atomic Energy Agency (IAEA) statute, the Pakistan prime minister's office said on Sunday, as experts warned of their economic and security implications for Islamabad. The strikes, which targeted three Iranian nuclear sites at Fordow, Isfahan and Natanz early Sunday, came amid Israel's ongoing campaign against Iran's nuclear program, which Israeli officials claim is nearing weaponization, an allegation Iran denies, insisting its activities remain peaceful and under international safeguards. While the amount of damage remained unclear, the strikes have fueled fears of a wider conflict, with Iranian Foreign Minister Abbas Araghchi saying the US had 'crossed a very big red line,' the time for diplomacy was over and Iran had the right to defend itself. US President Donald Trump warned Tehran against retaliation. Pakistan PM Shehbaz Sharif spoke with Iranian President Masoud Pezeshkian on Sunday afternoon and conveyed Pakistan's condemnation of the US attacks, which targeted Iranian nuclear facilities that were under the safeguards of the IAEA, according to Sharif's office. 'These attacks constituted a serious violation of international law and the IAEA Statute,' Sharif's office said. 'While noting Iran's right to self-defense, as enshrined under Article 51 of the UN Charter, the prime minister stressed upon the need to immediately return to dialogue and diplomacy as the only viable path forward.' Sharif called for urgent collective efforts to de-escalate the situation and reiterated Pakistan's readiness to play a constructive role in this context, according to his office. President Pezeshkian conveyed his appreciation for Pakistan's support to Iran. Pakistan's foreign office earlier said Islamabad condemned the strikes and was 'gravely concerned' at the possible further escalation of tensions in the region. 'Any further escalation of tensions will have severely damaging implications for the region and beyond,' it said, adding that Iran had the right to defend itself under the United Nations (UN) Charter and urged all parties to respect international humanitarian law, protect civilian lives and 'immediately bring the conflict to an end.' 'Recourse to dialogue, diplomacy, in line with the principles and purposes of the UN Charter remain the only viable pathway to resolve the crises in the region.' Tensions flared on June 13 when Israel launched airstrikes against what it described as Iran's military leadership and nuclear infrastructure. Iran, a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), has since retaliated with missile attacks on Israeli targets. The United States, Israel's closest ally, has now directly joined the campaign. Experts have warned that the latest US strikes could have 'catastrophic' economic and security implications for Pakistan. 'The economic implications of a wider war would be catastrophic for Pakistan. First and foremost, if the Strait of Hormuz is closed, our major concern will be the import of oil, as most of our oil supplies come from the Middle East,' Shakeel Ramay, a Pakistani economist, told Arab News. 'This would severely impact our economy since a significant portion of our power grid is powered by imported oil and gas from the region. The disruption would affect electricity production and have far-reaching consequences for our transportation network as well. The government will need to manage rising prices in the short term.' Lt. Gen. (retired) Naeem Lodhi, a former Pakistani defense secretary, said Pakistan had so far acted 'wisely' by condemning the attacks on Iran and offering to mediate the crisis. 'At this point, Pakistan needs to remain alert and ensure that it does not get directly involved. It must not allow any country — on either side — to use its soil, airspace, or any other assets,' he told Arab News. 'Although staying completely uninvolved is difficult due to our geographic proximity, it is still the most desirable course of action.' If the war expanded, Lodhi said, Pakistan would face 'serious challenges.' 'Many Pakistanis believe that if Iran is defeated in this war, it could create long-term problems for Pakistan,' he said. 'A new regime in Iran might not be friendly toward Pakistan and could even become hostile, bringing yet another threat to our borders. That is a key concern Pakistan must keep in mind.' The crisis also raises questions about how Islamabad will navigate its delicate balancing act between Iran, other Gulf partners, and the United States, which remains one of Pakistan's largest trading partners and a critical source of military and economic assistance. 'Certain demands may be made that Pakistan will find hard to ignore. For instance, if Arab countries become involved — which is likely — there could be strong pressure on Pakistan to support them in some capacity, whether through logistics, access to airspace, or even bases,' Lodhi said. 'While it may be relatively easier to say no to the United States despite its influence, refusing multiple allied Arab countries will be much more difficult. Still, Pakistan's current leadership, especially the military leadership, is well aware of these dangers and will likely try to keep the country out of the conflict.'
