Latest news with #BilalbinSaqib
Business Recorder
01-08-2025
- Business
- Business Recorder
Pakistan, US deepens crypto cooperation after trade deal
Minister of State for Crypto and Blockchain Bilal bin Saqib met with Executive Director of President Trump's Council on Digital Assets, Robert Bo Hines. The two discussed the global coordination of crypto policy and Pakistan's ambitious plans to become a regional hub for Web3 innovation, as per a press release. This dialogue follows the minister's visit to the US in June, where he held extensive meetings with top US lawmakers, including Senators Cynthia Lummis, Tim Sheehy, and Rick Scott, as well as New York City Mayor Eric Adams and Bo Hines. The meeting also follows the US President Donald Trump's announcement that his administration struck a deal with Pakistan in which Washington would work with Islamabad in developing the South Asian nation's oil reserves. 'We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,' Trump wrote on social media. 'We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling Oil to India some day!'
Business Recorder
29-07-2025
- Business
- Business Recorder
Virtual assets adoption: Govt holds key meeting with banks, exchange firms
KARACHI: The federal government has accelerated its efforts for virtual asset adoption, holding a high-level meeting in Islamabad on Tuesday to engage banks and exchange companies with the emerging regulatory framework. Sources told Business Recorder that a joint meeting of the exchange companies, bank's exchange companies and gem and jewellery representatives was conducted to brief the development related to crypto currency and virtual assets in Pakistan. The meeting was chaired by SBP Governor Jameel Ahmed and attended by CEO of the Pakistan Crypto Council (PCC) Bilal bin Saqib, who also serves as the Special Assistant to the Prime Minister (SAPM) on blockchain and cryptocurrency. Aimed at embracing emerging digital currencies in alignment with global developments, in February, the Ministry of Finance announced the formation of a 'Pakistan Crypto Council' and Bilal bin Saqib was appointed CEO. Later, on July 9, 2025, the federal government announced the formal approval of the 'Virtual Assets Act, 2025,' following endorsements from the Federal Cabinet, the Prime Minister, and the President of Pakistan. Pakistan establishes Digital Assets Authority to regulate crypto, blockchain Virtual Assets Act, 2025 establishes the Pakistan Virtual Asset Regulatory Authority (PVARA), an autonomous federal body empowered to license, regulate, and supervise entities dealing in virtual assets. The Authority has been granted comprehensive powers to ensure transparency, compliance, financial integrity, and the prevention of illicit activities, in alignment with international standards including those of the Financial Action Task Force (FATF). During the meeting, Bilal Bin Saqib delivered a detailed presentation on cryptocurrency legalization in Pakistan, highlighting that a significant number of Pakistanis are already investing in digital assets. He urged representatives of exchange companies, banks, and the jewellery sector to support this important initiative, stating that Pakistan, in consultation with all stakeholders, has all set for digital asset adoption and economic modernization in line with international best practices. He described it as a game-changing move for the country and emphasized the need to support the government, noting that it will ultimately benefit Pakistan. Industry sources revealed during the meeting, exchange companies and banks were informed that they would be granted licenses to operate in the cryptocurrency sector. It may be mentioned here that central banks around the world are actively exploring the potential use and implementation of digital currencies. SBP is also working on the same patron and SBP Governor Jameel Ahmad, earlier this month in an international conference revealed that the SBP is preparing to launch a pilot project for a digital currency and is finalizing legislation to regulate virtual assets. Copyright Business Recorder, 2025
Express Tribune
11-07-2025
- Business
- Express Tribune
EU criticises Malta over crypto regulation
One of the most encouraging signs comes from right here in Pakistan. Bilal bin Saqib, recently appointed as the Chief Advisor to the Pakistan Crypto Council, is a name to watch. photo: Reuters The European Securities and Markets Authority (ESMA) on Thursday highlighted a Maltese regulator's shortcomings over the issuance of a licence enabling cryptocurrency firms to operate across the EU. In recent years the tiny Mediterranean island has managed to attract a number of cryptocurrency investors and companies, leading to accusations of lax oversight in an industry already considered to be poorly regulated. The ESMA's criticism, contained in a final report, followed December's launch of the first European Union-wide cryptocurrency regulation. Markets in Crypto-Asset (MiCA) insists on service providers obtaining a licence to operate legally in the European Union. The EU watchdog said on Thursday that Malta's "authorisation process should have been more thorough and conducted on a sufficient time to allow (Maltese regulator) MFSA to properly assess compliance against the MiCA framework". ESMA added that it "did not find evidence that certain key aspects of the authorisation file were adequately assessed including... the on-boarding of new clients". MiCA is issued once specific criteria on anti-money laundering, prevention of terror group financing, IT security and financial soundness have been implemented. Such a framework aims to protect investors and provide credibility to the sector. MFSA defended its handling in a response sent to AFP on Thursday. "It is very important to dispel the myth that Malta has been rushing when it comes to granting licenses," it said in a statement. "To be clear, no one has been granted a license in a matter of days. Preparations for MiCA implementation have been comprehensive and commenced two years ago." It added that action had been taken "to ensure Malta retains its position as a robust yet accessible jurisdiction. "The final report recognises a lot of strengths when it comes to the regulation of digital assets in Malta and we are extremely proud of the work that has been achieved on this front to date," the statement said. Thursday's report did not name Seychelles-based crypto exchange OKX, to which MFSA issued a licence in late January. This was one month before the company paid half a billion dollars to the US Department of Justice over separate compliance failures.
Memri
09-07-2025
- Business
- Memri
How Crypto Chaos In Pakistan Threatens National Security And Economic Stability
On July 8, 2025, the Pakistan government announced the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA). According to the media, this body would operate as an "independent regulator for licencing, monitoring and supervising virtual asset service providers (Vasp), ensuring alignment with the Financial Action Task Force (FATF) guidelines and international best practices."[1] Yet, Pakistan's sudden embrace of cryptocurrency represents a dangerous confluence of geopolitical opportunism and regulatory recklessness that could transform the country into a global hub for illicit financial flows. While the Trump administration's crypto-friendly policies have opened new diplomatic channels, Pakistan's hasty pivot toward digital assets without proper legal frameworks threatens to exacerbate existing challenges with terror financing and money-laundering compliance.[2] The most glaring contradiction in Pakistan's cryptocurrency strategy lies in its fundamental illegality within the country's own borders. Despite establishing the Pakistan Crypto Council and appointing Bilal bin Saqib as its CEO with ministerial status, cryptocurrency transactions remain prohibited under current Pakistani law.[3] Finance Secretary Imdad Ullah Bosal's categorical statement that "crypto is not a legal tender in Pakistan" exposes the nature of government policy, where officials simultaneously promote Bitcoin initiatives abroad while maintaining domestic prohibitions. This regulatory chaos becomes particularly troubling when examined through the lens of Pakistan's appointment of Changpeng Zhao as strategic adviser to its crypto council.[4] Zhao, the Chinese-born Canadian co-founder and former CEO of Binance, pleaded guilty to failing to implement proper anti-money-laundering standards and served time in US prison.[5] Binance was found to have facilitated transactions for sanctioned entities including Hamas,[6] resulting in a $4.3 billion settlement.[7] Pakistan's decision to elevate such a controversial figure to guide its cryptocurrency strategy sends alarming signals about the country's commitment to financial integrity and counter-terrorism compliance. Pakistan's Vulnerability To Terror Financing Through Cryptocurrency The timing of Pakistan's crypto enthusiasm coincides suspiciously with the Trump administration's dismantling of cryptocurrency enforcement mechanisms. The closure of the Consumer Financial Protection Bureau, which had previously scrutinized crypto companies for fraud and risks, has created a regulatory vacuum that Pakistan appears eager to exploit. This alignment with Trump's deregulation agenda suggests Pakistan's cryptocurrency push is less about genuine economic development and more about currying favor with an administration that has significant business interests in the digital asset space. Pakistan's vulnerability to terror financing through cryptocurrency channels becomes even more pronounced given the country's existing struggles with Financial Action Task Force compliance. The FATF has repeatedly placed Pakistan on its grey list for inadequate measures against money laundering and terror financing. The introduction of cryptocurrency infrastructure without robust regulatory frameworks could provide terrorist organizations with sophisticated new channels for moving funds while maintaining plausible deniability about their origins and destinations. The technical requirements for FATF compliance in cryptocurrency transactions present particular challenges for Pakistan. The travel rule mandates that companies must provide complete transaction data from origin to beneficiary for up to five years. This requirement necessitates extensive data storage capabilities and uninterrupted electricity supply, resources that Pakistan struggles to provide even for basic economic needs. The country's allocation of 2,000 megawatts of electricity for Bitcoin mining, announced without IMF consultation, highlights the disconnect between cryptocurrency ambitions and economic realities. Pakistan's attempt to mirror US stablecoin legislation through the GENIUS Bill framework reveals the extent to which American business interests are driving Pakistani policy. The bill's requirement that trading partners maintain similar regulatory structures creates a dependency relationship where Pakistan must align its financial regulations with US preferences to maintain access to dollar-pegged stablecoin markets. This arrangement effectively subordinates Pakistani monetary sovereignty to American commercial interests while potentially exposing the country to new forms of financial instability. Pakistan's Domestic Cryptocurrency Prohibitions Pakistan's strategic Bitcoin reserve announcement at the Las Vegas conference represents perhaps the most reckless aspect of its cryptocurrency gamble. Establishing sovereign cryptocurrency holdings without proper legal frameworks or risk assessment mechanisms exposes the national treasury to extreme volatility while potentially facilitating capital flight. The contradiction between promoting Bitcoin reserves internationally while maintaining domestic cryptocurrency prohibitions creates legal and operational uncertainties that could undermine both initiatives. The International Monetary Fund's concerns about Pakistan's cryptocurrency initiatives reflect broader international skepticism about the country's approach. With Pakistan already dependent on IMF bailout packages and facing stringent conditionality requirements, the unilateral decision to allocate significant resources to cryptocurrency infrastructure without consultation represents a direct challenge to multilateral oversight mechanisms. This defiance could complicate future negotiations and potentially jeopardize essential financial support. The precedent of El Salvador, where President Nayib Bukele invested 15 percent of GDP in Bitcoin despite IMF objections, provides a troubling model for Pakistan's strategy.[8] While Bukele ultimately secured continued IMF funding with Trump administration support, his country's extreme cryptocurrency exposure has created unprecedented fiscal vulnerabilities. Pakistan's adoption of a similar approach, given its far more precarious economic position and complex security challenges, represents an exponentially greater risk. Pakistan Risks Transforming Itself Into A Haven For Illicit Financial Flows The emergence of what could be termed "cryptoplacy" as a new form of diplomatic engagement creates particular dangers for countries like Pakistan with weak institutional frameworks. The ability to gain political access and potentially circumvent traditional oversight mechanisms through cryptocurrency initiatives may prove irresistible to governments seeking international legitimacy, even when such approaches fundamentally undermine domestic stability and security. Pakistan's cryptocurrency gamble ultimately reflects a broader pattern of prioritizing short-term political gains over long-term institutional development. By embracing digital assets without adequate legal frameworks, appointing compromised individuals to key positions, and aligning financial policy with foreign business interests, Pakistan risks transforming itself into a haven for illicit financial flows while exposing its fragile economy to unnecessary volatility and external manipulation. The country's leaders must recognize that sustainable economic development requires robust institutions and regulatory clarity, not opportunistic alignment with the latest international trends.
Business Recorder
06-06-2025
- Business
- Business Recorder
Pakistan Crypto Council reviews progress on digital assets regulatory framework
ISLAMABAD: A follow-up meeting of the Pakistan Crypto Council (PCC) was held Thursday at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in Pakistan. The session was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting was attended virtually by Bilal bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and Chief Executive Officer of the Pakistan Crypto Council. Other participants included the Governor of the State Bank of Pakistan (SBP); Chairman of the Securities and Exchange Commission of Pakistan (SECP); Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication. Regulatory framework for digital, virtual assets discussed During the meeting, the Ministry of Law and Justice tabled a draft of the proposed legal framework, developed through close collaboration with members of the Pakistan Crypto Council, key stakeholders, and technical experts. The draft legislation outlines a robust regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols, and investor protection provisions. Designed in alignment with international best practices and evolving global standards, the proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem. Copyright Business Recorder, 2025
