Bilal Bin Saqib Leads Pakistan's Crypto Regulatory Framework
Bilal Bin Saqib's appointment is expected to bring a new level of expertise and guidance to Pakistan's crypto sector, and his vision for a forward-thinking approach to crypto and blockchain regulation is likely to have a positive impact on the country's economic growth and development, with the potential to attract foreign investment and create new opportunities for innovation and job creation.
Pakistan is taking steps to formalize its stance on cryptocurrency, with key stakeholders expressing concerns over adoption, regulation, and its impact on the economy, and Bilal Bin Saqib has been appointed as the Chief Adviser to the Finance Minister on the Pakistan Crypto Council.
The government is seeking guidance from the US on cryptocurrency and is considering establishing a Crypto Council to oversee policy development, address regulatory challenges, and collaborate with friendly countries to develop standardized frameworks for international digital economic engagement. However, some stakeholders, such as Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), have expressed concerns that establishing a separate council is unnecessary, citing the central bank's expertise in the field.
Bilal Bin Saqib, with his expertise in blockchain, tokenizing real-world assets, DeFi, DAOs, AI, and institutional & enterprise blockchain, is well-positioned to guide the development of a regulatory framework and growth in Pakistan's crypto sector. He has represented Pakistan globally, including at NFT NYC, World Economic Forum, and ETH Barcelona events, and has introduced blockchain projects in Pakistan, leading education and awareness efforts in the country.
The appointment of Bilal Bin Saqib is seen as a commitment to embracing emerging technologies while ensuring a secure and transparent financial system. He aims to foster innovation and sustainable growth in Pakistan's crypto sector, which has over 20 million active users, and believes that adopting a forward-thinking approach to crypto and blockchain can attract foreign investment, create jobs, and drive economic growth.
As Pakistan navigates the complexities of cryptocurrency regulation, the appointment of Bilal Bin Saqib as the Chief Adviser to the Finance Minister on the Pakistan Crypto Council is a significant step towards developing a comprehensive and effective regulatory framework, and his expertise and experience will be invaluable in shaping the country's crypto sector.
