Bilal Ben Saqib, CEO of the Pakistan Crypto Council, discusses Pakistan’s ambition to become the crypto capital of South Asia. Following a change in leadership at the SEC and the reelection of Donald Trump, Pakistan aims to integrate cryptocurrency as a key asset in its digital financial revolution.
In an interview with Bloomberg, Saqib indicated that the country plans to establish a National Crypto Council to create a regulatory framework that encourages institutional adoption and attracts international investment. Pakistan is already a significant player in crypto adoption, ranking third globally in 2023.
Saqib emphasizes the importance of a balanced tax structure to promote innovation and the potential for a $100 billion digital economy, driven by a young workforce eager for Web3 opportunities.
With an estimated 15-20 million Pakistanis already trading digital assets, the move towards legalizing cryptocurrency could position Pakistan as a rising player in the global blockchain and Web3 ecosystem. Saqib highlighted that global trends, particularly the pro-crypto policies adopted by countries like the US and UAE, pressure Pakistan to remain competitive.
The potential for economic growth is another major driver for this shift. A regulated crypto sector could attract foreign investment and stimulate technological innovation. The influence of global politics, particularly with pro-crypto initiatives from the U.S. government, has also prompted nations, including Pakistan, to rethink their policies toward digital assets.
Pakistan’s financial struggles have led the country to rely heavily on loans from the International Monetary Fund (IMF), with the latest loan of $7 billion approved in September 2024.
By bringing crypto trading into a regulated framework, the government aims to tax capital gains and trading activities, creating new revenue streams to reduce fiscal deficits and dependence on external borrowing. The IMF has even suggested that Pakistan’s Federal Board of Revenue incorporate crypto gains into the tax net to help cover bailout debts.
Shogun Lin
