Pakistan’s crypto transformation did not begin with a law. It began with an organisation. On 14 March 2025, the government established the Pakistan Crypto Council under the Ministry of Finance, giving the country a dedicated body to set national policy for digital assets, talk to the global industry and design the regulatory framework that would later become the Virtual Assets Act.
The man at the centre
The Council’s chief executive is Bilal Bin Saqib, who also serves as chief adviser to the finance minister on crypto. His rise tracks Pakistan’s ambitions: he was later elevated to Special Assistant to the Prime Minister on Blockchain and Crypto, a role with ministerial standing, and in December 2025 he became Chairman of PVARA, the regulator his policy work helped create. Having the same figure span policy, government and regulation is unusual — it concentrates expertise, and it means Pakistan’s crypto strategy has a single recognisable author.
The CZ appointment
The Council’s loudest signal came in April 2025, when Binance co-founder Changpeng Zhao — CZ, arguably the most famous executive in crypto — was appointed as a strategic adviser. Whatever one’s view of Zhao, the appointment told global exchanges, investors and media that Pakistan intended to be taken seriously as a crypto jurisdiction, and it gave policymakers a direct line to someone who has built the industry’s largest exchange.
What the strategy actually includes
- A regulatory sandbox, so new crypto and fintech products can be tested under supervision before full launch.
- Work on Shariah-compliant instruments, reflecting Pakistan’s large Islamic finance sector.
- Tokenisation of markets — representing real assets such as shares or property as blockchain tokens, so they can be divided, traded and settled more easily.
- Positioning crypto within wider economic goals: remittances, freelancing income and financial inclusion.
Why it matters beyond Pakistan
Pakistan is one of the world’s most active retail crypto markets, built largely without official support. Its new model — a policy council to design, a famous industry adviser to signal intent, and a statutory regulator to enforce — is being watched by other emerging economies facing the same question: ignore a market your citizens already use, or organise it. The honest test now is delivery: licences issued, rules finished and users protected. The architecture, at least, is unmistakably in place.
