Pakistan, First South Asian Nation, Legalizes Cryptocurrency to Attract Investment, Boasts 15-20 Million Users

Pakistan is set to legalize cryptocurrency trading, aiming to attract international investment. The country is working on establishing a clear regulatory framework for digital assets, as stated by Bilal bin Saqib, CEO of the Pakistan Crypto Council and Finance Ministry advisor. This move is intended to boost the local Web3 ecosystem and leverage Pakistan's young, tech-savvy population, with 60% under the age of 30 and a Web3-native workforce ready to build.

The initiative follows the establishment of the Pakistan Crypto Council, which is tasked with creating regulations to integrate blockchain technology into the economy. The council, led by Finance Minister Muhammad Aurangzeb and including key figures such as the governor of the State Bank of Pakistan and the chairman of the Securities and Exchange Commission of Pakistan, aims to position Pakistan as the first South Asian nation to legalize cryptocurrencies, potentially outpacing India.

This development comes at a time when global political trends, particularly U.S. President Donald Trump's push for pro-crypto policies, are influencing countries to reconsider their stance on cryptocurrencies. The International Monetary Fund (IMF) has urged Pakistan to tax crypto gains to help cover its $7 billion IMF package debts. Currently, Pakistan has around 15 to 20 million cryptocurrency users, ranking ninth globally in adoption, while India is reviewing its cautious approach to digital assets.

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