Pakistan launched the Pakistan Crypto Council (PCC) on March 14, 2025, as a policy and coordination body focused on digital assets and blockchain. The launch did not itself legalize cryptocurrency or authorize the council to license crypto businesses. Pakistan’s current virtual-asset regulator is the Pakistan Virtual Assets Regulatory Authority (PVARA), established under the Virtual Assets Act, 2026; PVARA says covered services require prior authorization.
What is the Pakistan Crypto Council?
The PCC was publicly launched on March 14, 2025. Radio Pakistan described its purpose as developing policy, engaging public- and private-sector stakeholders, and supporting the integration of blockchain and digital assets into Pakistan’s financial system. Finance Minister Muhammad Aurangzeb was identified as the council’s chair. Radio Pakistan’s launch report covered the announcement.
The council’s role is best understood as policy development and coordination—not as the authority that licenses virtual-asset service providers. That distinction matters: announcing a council to shape policy is not the same as making all crypto activity lawful or unrestricted.
Who regulates virtual assets in Pakistan now?
PVARA identifies itself as Pakistan’s independent federal regulator for virtual assets and virtual-asset service providers under the Virtual Assets Act, 2026. Its About Us page says an ordinance was promulgated in July 2025 and the Act in March 2026. For current legal and institutional status, this later account supersedes the earlier 2025 proposal to establish a different-named authority.
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In practical terms, the PCC’s policy and coordination function is distinct from PVARA’s regulatory function. A 2025 council meeting discussed draft rules and options for an autonomous regulator; it did not make the council that regulator. The Press Information Department’s June 2, 2025 meeting release said a technical committee including the State Bank, SECP, Law Division, and IT & Telecom Division would review draft laws and propose a framework for council consideration.
Does the council launch mean cryptocurrency is legal in Pakistan?
No. The council launch was a policy initiative, not a blanket legalization of cryptocurrency trading, exchange, custody, or other services. The current regulatory position described by PVARA is that specified virtual-asset activities fall within its regulatory ambit and require authorization.
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PVARA says services involving the issuance, transfer, custody, exchange, or arrangement of virtual assets, stablecoins, and allied blockchain solutions are covered. It further says a pilot or agreement that results in or directly enables those services requires prior authorization. Its advisory on virtual-asset-related announcements and activities directs prospective activity toward its sandbox, no-action relief, or NOC processes. The advisory does not establish that every individual act of holding or purchasing cryptocurrency is prohibited or permitted; readers should not infer a general rule beyond the specific services and authorization guidance it describes.
How the policy and regulatory framework developed
| Date | Development | What it means |
|---|---|---|
| February 25, 2025 | The Finance Minister discussed digital assets and reported user figures, according to a government release. | Government policy context; not a licensing framework. |
| March 14, 2025 | The Pakistan Crypto Council was publicly launched. | A policy and coordination initiative. |
| May 21, 2025 | The government announced a proposed Pakistan Digital Assets Authority (PDAA), with a planned licensing and compliance role. | A proposal at that date, not the current regulator’s name or legal basis. |
| June 2, 2025 | The council discussed draft rules and options for an autonomous regulator. | Draft-framework work, with technical review planned. |
| March 2026 | PVARA says the Virtual Assets Act, 2026 established it as the independent federal regulator. | The current regulator and statutory framework described by PVARA. |
The May 2025 PDAA announcement is useful historical context, but it should not be confused with the institution that PVARA now identifies as the regulator. The government’s original PDAA announcement described a proposed authority; PVARA’s later account identifies the regulator and law in force as PVARA and the Virtual Assets Act, 2026.
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What figures did the government cite?
Two figures featured in government communications during 2025. They should be treated as attributed government claims, not as independently verified measurements: the releases do not explain the methodology used to calculate them.
- More than 20 million active digital-asset users: The Press Information Department attributed this figure to the Finance Minister’s remarks in its February 25, 2025 release. The release does not provide a calculation method. Read the February 25 release.
- A $25 billion-plus informal crypto market: The government’s May 21, 2025 announcement described this as an expected market to regulate. The release provides no methodology, so it should be presented as a government estimate rather than an independently established market size. Read the May 21 announcement.
What the government said it hoped to achieve
When announcing the proposed PDAA on May 21, 2025, Finance Minister and PCC chair Muhammad Aurangzeb said: “Pakistan must regulate not just to catch up — but to lead. With the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation,” The statement described policy aims for the proposed authority, not results already achieved.
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At the same announcement, Pakistan Crypto Council CEO Bilal Bin Saqib said: “This is not just about crypto — it’s about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance, and Web3 innovation,” These remarks likewise expressed intended outcomes, rather than evidence that those outcomes had been delivered. Both quotations appeared in the government’s May 21, 2025 announcement.
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