As Pakistan moves to formally recognize 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.
In an interview with Bloomberg TV, Bilal, the newly appointed Chief Advisor to the Finance Minister for the Pakistan Crypto Council, outlined the vision for Pakistan’s crypto future.
“Pakistan is done sitting on the sidelines, we want to have regulatory clarity. We need to have a legal framework that is pro-business.
“We want Pakistan as a leader in blockchain-powered finance, and we want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30,” he said.
Bilal said that Pakistan has been one of the world’s top adopters of crypto.
“Some 15 to 20 million Pakistanis hold crypto today. The country possesses billions of US dollars in crypto transactions, so of course we want to make this legal.
“We want to have a clear regulatory framework so we can bring in investments and we can let the ecosystem flourish in Pakistan,” he said.
Bilal, recognized by Forbes as a Web3 investor, strategic advisor, and thought leader in the blockchain space, noted that Pakistan offers a lucrative opportunity for foreign investors.
“We are working to provide regulatory Sandboxes, which will essentially create fast-track systems for crypto startups to operate in a controlled, compliant environment.”
He added that Pakistan offers one of the lowest operating costs, making it a more cost-effective destination for setting up crypto businesses compared to hubs like Dubai and Singapore.
Bilal said that the government plans to engage with the UAE to learn regulations and is also working closely with Nigeria and Turkiye.
On taxing cryptocurrency, Bilal said that the government intends to adopt a “balanced pro-growth tax structure” that attracts more foreign investment in the country.
He said that crypto can ‘supercharge’ Pakistan’s budding fintech sector.
Bilal termed US President Donald Trump’s return to the White House as the “biggest, bullish catalyst for crypto in history”.
He said the US President is “essentially flipping the script” after signing executive orders instructing regulatory bodies to accommodate digital assets, forming the White House Crypto Advisory Team, and creating a US strategic Bitcoin reserve.
“That means that the largest economy in the world is treating it like a valuable national asset, similar to how it stockpiles gold or oil for economic security and strength.
“Trump is making crypto a national priority and every country including Pakistan will have to follow suit or will we be at the risk of being left behind,” he said.