The Ministry of Finance has taken over Pakistan’s cryptocurrency regulations, pushing the Ministry of Science and Technology aside. The Science Ministry, led by Dr. Khalid Maqbool Siddiqui, had been working on rules for digital assets with help from various government officials. However, the Finance Ministry’s control over financial policies allowed it to step in.
Before this shift, the Ministry of Science and Technology was in charge of overseeing cryptocurrency regulations. This was based on the Rules of Business 1973, which gave it responsibility for scientific and technological development. However, the Finance Ministry’s role in financial matters and international negotiations led to its control over the issue. In late February, the Finance Ministry moved ahead with forming the Pakistan Crypto Council. It held a meeting that did not include the Science Ministry. To strengthen its position, the government appointed Bilal Bin Saqib as the finance minister’s chief adviser on digital assets.
Although the Finance Ministry is now in charge, some within the Science Ministry believe it is not settled. They argue that while finance is important, the technical and regulatory aspects of crypto should be handled by the Science and IT ministries. For crypto businesses to operate legally, they must register with the SECP.