ALBAWABA – In a recent move, Pakistan is seriously considering regulating and legalizing crypto in an effort to attract foreign investment to the country.
Pakistan to legalize cryptocurrency
The Pakistani government is currently developing a comprehensive plan to legalize and create a full framework for cryptocurrency trading, aiming to boost foreign investment.
Bilal bin Saqib, chief executive officer at Pakistan Crypto Council, stated: “The country aims to devise a clear regulatory framework for governing digital-asset activities to boost the local ecosystem.”
Notably, cryptocurrency trading has become more popular in South Asian countries, and Pakistan is now the ninth country globally in cryptocurrency adoption. According to Chainalysis, an American blockchain analysis firm, the country currently has over 20 million crypto users.
“We want to attract international investment because Pakistan is a low-cost high-growth market with 60% of the population under 30. We have a Web3 native workforce ready to build,” added Saqib.
Pakistan and other Asian countries are joining the cryptocurrency race, following support for the sector from former US President Donald Trump. “Trump is making crypto a national priority and every country including Pakistan will have to follow suit,” Saqib said.
The new legalization plan was launched after Saqib was appointed as the chief advisor to the finance minister for managing digital assets this month. Saqib outlined his goal to position Pakistan as a crypto hub in South Asia, aiming to compete with Dubai, Singapore, and Hong Kong.
