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Pakistan Ends Crypto Ban, Launches Virtual Assets Act Framework
Pakistan has announced a new regulatory framework for cryptocurrency after nearly a decade of prohibition. Bilal Bin Saqib, special assistant to the prime minister on blockchain and cryptocurrency, announced the move and invited foreign businesses to build in the country.
Pakistan has ended its prohibition on cryptocurrency and announced a new regulatory framework after nearly a decade of restriction. According to Bitcoin Magazine's reporting, Bilal Bin Saqib, special assistant to the prime minister on blockchain and cryptocurrency, announced the shift in an X post on Friday and extended an invitation to foreign businesses to establish operations in Pakistan under the new regime.
The framework is referred to as the Virtual Assets Act. Bitcoin Magazine's account does not detail the specific compliance requirements, licensing structure, tax treatment, or enforcement mechanisms that will govern the new regulatory regime.
The reversal marks a significant policy shift from prohibition toward active recruitment. Pakistan's prior stance had effectively barred cryptocurrency activity across the nation for approximately ten years before this announcement.
Pakistan banned cryptocurrency for close to a decade before announcing the new Virtual Assets Act framework to regulate digital assets.
Watch for details on the Virtual Assets Act's licensing, compliance, and tax structure as they emerge. The framework's actual implementation timeline and which regulatory bodies will oversee it remain unreported; those announcements will signal how serious the commitment is.
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