Crypto Still Not Legal in Pakistan, Says Finance Secretary — Committee Summons Crypto Council for Briefing

Islamabad: Finance Secretary of Pakistan has reaffirmed that cryptocurrency has no legal status in the country, and the ban imposed by the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) remains in place. A regulatory framework will only be developed once the government makes a formal decision.
This statement was made during a session of the National Assembly’s Standing Committee on Finance, chaired by Nafisa Shah. Following the Finance Secretary’s remarks, the committee decided to summon the Chairman and members of the Pakistan Crypto Council for a detailed briefing.
Committee member Mirza Ikhtiar Baig questioned the Finance Secretary, pointing out the contradiction between the ongoing public investment in crypto and the government’s stance. He warned that without legal recognition, investors’ funds could be at risk and urged the government to issue a public statement clarifying the current legal status of crypto.
Another committee member, Muhammad Mubeen, expressed concerns over the government allocating electricity resources for crypto-related activities while simultaneously denying its legality. He also noted that the CEO of the Crypto Council, Bilal Bin Saqib, has been holding meetings with high-level officials.
Member Shehram Tarakai cautioned that if left unchecked, crypto activities could lead to capital flight, causing significant economic challenges in the future.
Responding to these concerns, the Finance Secretary clarified that the Pakistan Crypto Council was established via an executive order from the Prime Minister and is currently only tasked with outlining a potential regulatory mechanism. He emphasized that no institution related to crypto will be formalized without the approval of Parliament.
The committee concluded the session by deciding to call the Pakistan Crypto Council’s leadership for further clarification and a comprehensive briefing.