Islamabad:
The Crypto Council of Pakistan (PCC) will hold an important meeting on June 2 to consider the regulations and the legal framework related to the broadest scenario for digital and cryptographic currencies in Pakistan, according to an announcement by the Ministry of Finance on Friday.
Federal Finance Minister Muhammad Aurengzeb, will preside over the meeting, to the assistance of the Bin Saqib Billal Chief, president of the State Bank of Pakistan (SBP), president of the Bolsa and Securities Commission of Pakistan (SECP), and the Ministries of Secretary of Law and Information Technology.
According to the Ministry of Finance, the key elements of the meeting agenda include the development of a robust regulatory framework for digital and virtual assets in Pakistan, which will be in line with global standards and technological developments.
He said the meeting has been convened as a strategic forum to consider regulations and the legal framework related to cryptography in Pakistan. “A key discussion issue will be the preliminary preparation for the establishment of the ‘Pakistan Virtual Assets Regulatory Authority’.
The proposed authority will be an autonomous body, which will supervise the ecosystem of digital finance and cryptography in the country. “This meeting reflects the government’s commitment to create a financial architecture so that stability and regulation in the emerging digital economy are also guaranteed,” he said.
According to the Ministry of Finance, the Council aims to lay the foundations for a safe, transparent and regulatory environment, with a view to a responsible adoption of blockchain technology and the promotion of investor protection and financial inclusion.
