Pakistan to Explore Legalization of Cryptocurrency

by Riaz Haq

Mar 28, 2025

Islamabad is establishing the Pakistan Crypto Council (PCC) to look into regulating and legalizing the use of cryptocurrencies, according to media reports. Cryptocurrency refers to digital currencies that can be used to make purchases or investments using encryption algorithms. US President Donald Trump's endorsement of cryptocurrencies and creation of a "bitcoin reserve" has boosted investors’ confidence in it.  

The State Bank of Pakistan, the nation's central bank, has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of digital currencies, coins, and tokens. But the country has not officially banned the use of cryptocurrencies either, allowing about 20 million users to engage in crypto transactions. “We are coming on number three and four globally and there are many blockchain technology opportunities in Pakistan", said Bilal Saqib, the chair of the PCC.  

Top Countries Ranked By Global Crypto Adoption Index. Source: Chainalysis

Saqib told Bloomberg that regulatory sandboxes were being developed to create fast-track systems for crypto startups, enabling them to operate within a controlled and compliant environment.

There are media reports that Pakistan is working on lower electricity tariffs to attract crypto mining and blockchain-based data centers, aiming to utilize surplus power at marginal costs while fostering growth in the digital asset industry. Demand for grid electricity has been declining amid a solar power boom in the country. 

Cryptocurrencies are managed in a blockchain, which is a digital ledger that utilizes blocks of data and time stamps to create a digital transaction record.  Similar to a traditional digital spreadsheet, a blockchain contains a log of transactions. However, it uses a distributed structure in which data is stored on multiple machines, and all copies need to match before a transaction is considered valid. Blockchain in finance allows for faster and cheaper transfers and more accurate accounting records. Blockchain technology is seen as the future of fintech (financial technology). It can help streamline tens of billions of dollars worth of remittances from overseas Pakistanis.

Downplaying the fear of the abuse of cryptocurrencies for criminal activity, Saqib told the media: “Globally 0.24 percent cryptocurrency transactions are used for wrong things,” he said. “We want to use this technology for other things like real estate, agriculture and to unlock their liquidity.”

Talking about taxation, Saqib said the government intends to implement a “balanced pro-growth tax structure” to encourage foreign investment in the crypto sector. He believes cryptocurrency can significantly boost Pakistan’s fintech sector, positioning the country as a regional leader in digital finance. 

There is a lot of interest in enabling the use of crypto currencies around the world. It is not just developing nations like Pakistan. There are many countries actively developing regulations for cryptocurrencies, with some groupings like the EU implementing measures to protect users and combat criminal activities, while others, like the US, are slowly approaching regulation through existing market regulators like the SEC and CFTC. The jury is still out on the potential for success of such efforts. 

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  • Riaz Haq

    Michael Saylor And Pakistan’s Crypto Minister Bilal Talk Bitcoin And Global Investment

    https://bitcoinmagazine.com/news/michael-saylor-and-pakistans-crypt...

    Pakistan’s Finance Minister Muhammad Aurangzeb and State Minister of Crypto Bilal Bin Saqib, held a conversation recently with the Executive Chairman and CEO of Strategy, Michael Saylor, about Bitcoin and its potential role in Pakistan’s economy.

    Saylor highlighted the critical role of trust and leadership in attracting global capital, citing his own journey of turning a $400 million investment into a $40 billion market backed position through Bitcoin.

    “Today, I will stay in touch with Bilal,” he said. “Pakistan has many brilliant people and a lot of people to do business with you. My company had less than $400 million to invest, but the markets gave me $40 billion because they trust us. And so the most important thing is leadership, intellectual leadership and that they trust you.”

    Saylor further emphasized that trust and clarity of vision are what drive global capital flows.

    “If the world trusts you and they hear your words, and you speak particularly, the capital and the capability will flow to Pakistan,” said Saylor. “It’s there, it wants to find a home and that’s what happened with our company. Our success is because we were clear and committed. And once the market decides who the leader is. They get behind the leader and they send their money to you. And I think they’d do it to Pakistan too. You have the most important thing, which is you have a commitment and a will and clarity here. So, I look forward to working with you.”

    The new stance is a stark change for Pakistan, which had previously banned Bitcoin trading in 2018. On March 20, Bilal Bin Saqib told Bloomberg that Pakistan was planning to legalize Bitcoin and try to implement a regulatory framework to attract investors.

    “Pakistan is done sitting on the sidelines,” said Saqib. “We want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30… Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit.”

    Jun 16, 2025

  • Riaz Haq

    Pakistan Central Bank to Launch Digital Currency Pilot Program Soon - CoinCentral

    https://coincentral.com/pakistan-central-bank-to-launch-digital-cur...

    Pakistan’s central bank is preparing to launch a pilot program for a central bank digital currency.
    The State Bank of Pakistan is finalizing the infrastructure and legal framework for the digital currency rollout.
    The pilot program is part of a broader strategy to modernize the financial system and adopt blockchain-based solutions.
    The government has passed the Virtual Assets Act 2025 to regulate and monitor the virtual asset industry.
    An independent regulator will be created to license and supervise crypto-related businesses across the country.

    Jul 9, 2025

  • Riaz Haq

    Fasset has reached a $1 billion valuation after securing $68 million in Series C funding, led by Japan’s SBI Group. Co-founded by Lahore-born entrepreneur Daniel Ahmed, Fasset is building an AI-powered stablecoin neobanking platform designed to make global financial access faster, simpler and more connected. Today, Fasset serves 3M+ wallets across 125 countries, works with 1,000+ enterprises, and processes more than $40 billion in annualized transaction volume. A major global fintech milestone, with roots in Lahore, Pakistan.


    ——————

    Fatima Gobi Becomes Pakistan's Premier Venture Capital Firm

    https://www.techjuice.pk/fatima-gobi-ventures-fasset-unicorn-pakist...

    Fatima Gobi Ventures achieved a historic milestone on August 25, 2026. The Pakistan-based venture capital firm became the country’s first VC backing a unicorn company. Fasset’s $1 billion valuation validates Gobi’s early belief in emerging market fintech infrastructure.

    Fatima Gobi co-led Fasset’s $22 million Series A in early 2022 alongside Liberty City Ventures. The early-stage investment demonstrated conviction in Fasset’s vision before mainstream recognition. Five years of growth culminated in SBI Group’s $68 million Series C investment at unicorn valuation.

    Fasset’s trajectory reflects broader fintech transformation across emerging markets. The company expanded operations across 125 countries since Fatima Gobi’s initial backing. Fasset now processes more than $40 billion in annualized transaction volume. The platform serves over 3 million wallets and 1,000 enterprises globally.



    Series C funding totaling $119 million in 2026 alone demonstrates accelerating investor momentum. SBI Group’s leadership of this round signals Japanese institutional confidence in emerging market financial infrastructure. The investment validates Fasset’s regulated approach across GCC, Asia and European markets.

    Fasset’s Own Network connects fragmented financial markets through regulated infrastructure. Banks, telecom companies, payment providers and liquidity providers operate on unified rails. Stablecoins enable efficient settlement where appropriate. AI optimization routes transactions based on cost, speed and availability factors.

    Co-founders Mohammad Raafi Hossain and Daniel Ahmed built Fasset on foundational principles around ownership and access. Ahmed’s Lahore origins connect Fasset to Pakistan’s emerging technology ecosystem. This heritage adds significance to Fatima Gobi’s unicorn achievement within the Pakistani venture capital context.

    Fatima Gobi demonstrated sophisticated investment thesis around emerging market payment infrastructure. Early backing required conviction about market opportunity and founder capability. Pakistani venture capital successfully identified global fintech potential years before mainstream validation.

    The unicorn milestone signals Pakistan’s capacity for generating internationally competitive technology companies. Fatima Gobi’s success validates patient capital approaches and long-term conviction investment strategies. Other Pakistani investors now have proven template for backing transformative fintech companies.

    Fasset’s continued growth depends on expanding Own Network capabilities and deploying agentic AI systems. Regulatory approvals across emerging markets remain critical success factors. Series C funding accelerates this expansion timeline substantially.

    Fatima Gobi’s unicorn achievement elevates Pakistan’s standing within global venture capital communities. The precedent encourages additional Pakistani-origin companies pursuing international markets. Pakistani entrepreneurship and venture capital now demonstrate credible pathways toward unicorn status.

    yesterday