In a most unexpected twist worthy of a Bertie Wooster escapade, the regulators of Pakistan have decided to don their thinking caps and propose a regulatory framework for digital assets that is, wait for it, compliance-focused! Yes, indeed, this is in accordance with the rules laid out by the Financial Action Task Force (FATF), that illustrious body which polices finance with the same fervor that a butler polices the sherry cabinet. The Express Tribune has reported this delightful news.
According to the report, the Federal Investigation Agency (FIA) of Pakistan has introduced this framework to tackle the rather unsavory business of terrorism financing, money laundering, and the ever-so-important Know Your Customer (KYC) controls. FIA Director Sumera Azam, in a moment of uncharacteristic clarity, declared:
“This is a paradigm shift in how Pakistan views digital finance. The policy proposal seeks to strike a historic balance between technological advancement and national security imperatives.”
Now, before you pop the champagne, do note that this proposed framework is still subject to legislative approval and the input of digital asset firms operating in the country. A multi-phased rollout is expected to commence in 2026, which, if we’re honest, is about as far away as the next time Bertie will find himself in a pickle.
In a remarkable turn of events, regulators in Pakistan have recently decided to embrace cryptocurrencies after years of being as anti-crypto as a fish is to flying. The government’s anti-crypto stance reached a crescendo in 2023 when officials called for a country-wide ban on digital assets. Oh, how the tides do turn!
Pakistan embraces the future of money in regulatory shift
In May 2023, the former minister of state for finance and revenue, Aisha Ghaus Pasha, proclaimed that Pakistan would never legalize cryptocurrencies, citing the potential for digital assets to circumvent FATF regulations. A bold statement, indeed!
Yet, less than two years later, in February 2025, the Finance Ministry of Pakistan signaled a seismic regulatory shift by forming the Pakistan Crypto Council. This council aims to establish clear crypto regulations and attract foreign investment, which is rather like inviting the fox into the henhouse, if you ask me.
“Pakistan is a low-cost, high-growth market, with 60% of the population under 30. We have a web3 native workforce ready to build,” chirped Bilal bin Saqib, the CEO of the Pakistan Crypto Council, in a March 20 post on X. One can only hope they have enough coffee to keep up with the pace!
The Council is even exploring the use of excess energy to mine Bitcoin (BTC), as part of a grand plan to transform Pakistan into an international hub for crypto mining. Who knew that excess energy could be so productive?
On April 7, the Council appointed Binance co-founder Changpeng Zhao as a crypto adviser to guide their policy efforts. One can only imagine the delightful conversations that will ensue!
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2025-04-11 20:39