In the northwestern part of the South Asian subcontinent, Pakistan, a country with a population of 241 million and a highly youthful demographic, is quietly nurturing a cryptocurrency revolution.

Although the cryptocurrency market in Pakistan is still walking in a 'gray area,' with the continuous growth of the user base and the gradual clarification of the regulatory framework, this land is expected to rise as an important hub of the cryptocurrency economy in South Asia.

On April 7th, Zhao Changpeng announced his joining the Pakistan Cryptocurrency Committee (Pakistan Crypto Council, abbreviated as PCC) as a strategic advisor. This move not only highlights Zhao Changpeng's influence in the global cryptocurrency industry but also indicates that Pakistan is about to take a milestone step in the field of cryptocurrency. As an official strategic advisor to PCC, Zhao Changpeng will provide guidance on regulatory frameworks, infrastructure, education and application promotion, and work closely with the Pakistani government and private sectors to jointly build a compliant, inclusive, and globally competitive cryptocurrency ecosystem.

Let's take this opportunity to delve into the structure of Pakistan's Cryptocurrency Committee and the country's regulatory status and adoption in the cryptocurrency sector.

Structure of Pakistan Cryptocurrency Committee

The Pakistan Cryptocurrency Committee (PCC) was proposed by the Ministry of Finance in February 2025 and officially announced in March. It is under the Ministry of Finance, and its main responsibility is to oversee the integration and adoption of blockchain technology and digital assets in Pakistan's financial sector.

The committee's focus is not only on regulation but also on creating an environment where blockchain and digital finance can thrive, avoiding market chaos due to regulatory voids. In addition, PCC is committed to promoting responsible innovation, driving the innovative application of cryptocurrency technology in Pakistan while protecting consumers and ensuring financial security. The PCC organizational structure is as follows:

Muhammad Aurangzeb, the Finance Minister, serves as the chairman of the committee, indicating the Pakistani government's commitment to the evolving digital economy. Bilal bin Saqib, who serves as the CEO of the committee, is also the chief advisor to the Finance Minister. Bilal bin Saqib is an entrepreneur from London, with a master's degree in social innovation and entrepreneurship from the London School of Economics (LSE), and was also included in the Forbes 30 Under 30 list. In the Web3 field, Bilal bin Saqib is the founder of the Pakistani Web3 community Web3 Pak and has also served as a growth advisor at the African digital asset platform Busha, often speaking at cryptocurrency-related events, sharing experiences of blockchain's social impact. In addition to his work in the financial technology field, Bilal bin Saqib has previously received the 1632nd Point of Light Award (an award granted by the UK Prime Minister for individuals who have made outstanding contributions to the community), co-founded the non-profit organization Tayaba (providing clean water solutions for water-scarce communities in Pakistan), and launched the H2O Wheel (an innovative water transportation device to alleviate the burden on rural communities). In 2023, he was awarded the MBE medal for his humanitarian efforts during the COVID-19 pandemic.

The direct board members of PCC include the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Minister of Law, and the Federal Minister of Information Technology. This diverse combination ensures that regulatory supervision, financial stability, legal frameworks, and technological progress are closely aligned with Pakistan's cryptocurrency ecosystem.

From Bans to Embracement: Pakistan's 'Ice and Fire' Path to Cryptocurrency

Muhammad Aurangzeb, Pakistan's Finance Minister and PCC Chairman, stated, 'We are sending a clear signal to the world that Pakistan is opening the door to innovation. With CZ's joining, we will accelerate the realization of our vision to make Pakistan a regional powerhouse in Web3, digital finance, and blockchain-driven development.'

Pakistan Overview

Pakistan is located in the northwestern part of the South Asian subcontinent, bordering the Arabian Sea to the south, the Karakoram and Himalayan Mountains to the north, and adjacent to India, China, Afghanistan, and Iran to the east, north, and west, respectively, making it a key country connecting South Asia, the Middle East, and Central Asia.

Pakistan covers an area of 796,000 square kilometers. In terms of population structure, the country has a significant demographic dividend, being the fifth most populous country in the world, with over 60% of the population under 30 years old, naturally, and the labor force ranks among the top in the world.

According to the seventh national population census report released by Pakistan's Bureau of Statistics in July 2024, Pakistan's total population has reached approximately 241 million, a 15.87% increase compared to the sixth census in 2021, with an average annual population growth rate of 2.555%. About 79% of the population is under 40 years old, with children under 15 accounting for 40.56% of the total population, and young people aged 15 to 29 representing 26%.

Economically, Pakistan's economy currently faces multiple challenges such as high inflation, foreign debt crisis, and currency devaluation, but the government is seeking breakthroughs through international aid, structural reforms, and digital development.

In terms of education, Pakistan implements free primary and secondary education, but there is a shortage of schools, low education penetration rates, and insufficient infrastructure, as well as socio-economic factors that collectively constrain educational progress. According to data from the United Nations Children's Fund, Pakistan currently ranks second in the world for the number of out-of-school children, with about 25 million children (aged 5-16) unable to attend school, accounting for 44% of the total population in that age group. This situation is particularly prominent and severe in rural areas and among girls.

In terms of infrastructure, power shortages and low internet penetration rates (about 50%) limit technological development. It is worth mentioning that Pakistan's state religion is Islam, with Muslims accounting for 97% of the total population.

Pakistan's Crypto Regulatory Evolution in Three Acts

Pakistan's cryptocurrency regulation is currently transitioning from a ban to exploring regulation. Although the legal situation is still unclear, the government's softened stance, the establishment of the National Cryptocurrency Committee, international cooperation, and high adoption rates among civilians indicate that the country may soon introduce a clearer policy framework.

Ban Stage (2018 to 2021): In April 2018, the State Bank of Pakistan (SBP) issued a ban stating: "Virtual currencies are not legal tender issued or guaranteed by the Government of Pakistan. All banks, development financial institutions, microfinance banks / microfinance institutions / public utility providers / public service providers etc. are advised to refrain from processing, utilizing, trading, holding, transferring value, promoting, and investing in virtual currencies, and are also required not to assist their customers / account holders in conducting virtual currency / ICO transactions. Any such transactions should be immediately reported as suspicious transactions to the Financial Monitoring Unit (FMU)." The ban also advised the public to exercise caution for their own interests and avoid activities related to virtual currency mining, trading, exchange, value transfer, promotion, and investment to prevent any potential financial losses and legal implications, but did not explicitly restrict individual holding or P2P transactions, placing cryptocurrencies in a legal gray area. Shortly after, Urdubit, a Bitcoin trading platform in Pakistan, completely shut down.

Exploration Stage (2022 to 2024): The continuous expansion of the cryptocurrency scale has prompted central banks and financial regulatory institutions worldwide to conduct research and analysis on the cryptocurrency ecosystem. In 2022, the State Bank of Pakistan (SBP) released a report titled "Crypto Assets - Potential Risks and Opportunities and Global Regulatory Approaches," which reiterated the previous ban on virtual currencies but also pointed out that due to the convenience, anonymity, speculation, and other advantages of crypto assets, they are becoming increasingly popular among some global groups, and listed multiple challenges faced by crypto assets, including impacts on monetary policy, effects on the foreign exchange regime and capital flight, financial stability, use for money laundering and terrorist financing, tax evasion, etc.

In the same year (February 2022), according to a speech by Reza Baqir, the then Governor of the State Bank of Pakistan, on February 6, 2022, titled "The Rise of Digital Currency and the Path to the Future," Pakistan is experiencing a rapid transition from cash to digital payments, with a huge mobile user base (190 million telecom users, 108 million 3G/4G users, etc.), providing favorable conditions for digitalization. Pakistan is actively embracing digital transformation, viewing it as a significant opportunity for the development of its financial system, but remains cautious about private digital currencies, considering the risks of virtual currencies outweigh the benefits. At the same time, Reza Baqir is optimistic about CBDC, believing it may facilitate inclusiveness, innovation, and cross-border payments. Reza Baqir also called on regulatory agencies

to not only establish rules but also actively innovate and promote the development of the financial ecosystem.

However, in March 2023, the Pakistani government intended to suspend the provision of cryptocurrency services online in the country to prevent illegal transactions in digital assets. Aisha Ghaus Pasha, the former Finance Minister of Pakistan, revealed that Pakistan "will never legalize cryptocurrencies."

In June 2023, the State Bank of Pakistan announced plans to introduce a central bank digital currency. In November 2024, the federal government proposed amendments to the "State Bank of Pakistan Act" to legalize (central bank-issued) digital currency in Pakistan. The new amendments also proposed penalties for unauthorized issuance of digital currency. Anyone found illegally issuing digital currency will be subject to a fine equivalent to twice the value of the illegal issuance.

Breakthrough Stage (2025): Entering 2025, Pakistan's attitude towards digital currency has undergone a substantial shift, planning to create a legal framework for cryptocurrency transactions to attract international investment. In March of this year, the Pakistan Cryptocurrency Committee (PCC was officially established. The committee's CEO Bilal Bin Saqib proposed using the country's surplus energy to promote Bitcoin mining.

It is worth noting that in 2018, Pakistan was placed on the Financial Action Task Force (FATF) 'gray list' of jurisdictions under increased monitoring due to such reasons, and as a result, the government and central bank scrutinized the legality and potential risks of cryptocurrencies. With FATF removing Pakistan from the 'gray list' in 2022 and the global cryptocurrency market's booming development, the improved international financial environment may bring new opportunities to the cryptocurrency market, but also comes with stricter regulatory expectations. Bilal bin Saqib has stated that PCC is still exploring measures such as RWA and establishing regulatory sandboxes, while ensuring compliance with FATF standards. PCC's primary task is to establish a robust and transparent regulatory framework requiring all cryptocurrency activities to comply with KYC and AML regulations.

Cryptocurrency Adoption in Pakistan

In recent years, the adoption rate of cryptocurrencies in Pakistan has increased significantly, mainly driven by economic instability, currency devaluation, capital controls, and a highly digitalized young population.

CEO of Pakistan Cryptocurrency Committee Bilal bin Saqib stated that Pakistan ranks in the top ten globally in cryptocurrency adoption, with an estimated 25 million active users. Pakistan is the first in BTC mining, tokenization, and cryptocurrency regulation to have an optimistic attitude. Bilal bin Saqib stated that the country is exploring blockchain technology to simplify remittance processes.

Chainalysis reports also show that Pakistan ranks ninth globally in cryptocurrency adoption rates, with India, Nigeria, and Indonesia ranking in the top three.

Secondly, Pakistan is the fifth-largest remittance recipient globally (about $33 billion in 2024), but traditional channels have high fees, making cryptocurrency cross-border remittance tools more popular.

According to BeInCrypto, the five most popular cryptocurrency trading platforms in Pakistan include Binance, Bitget, Bisq, OKX, and Paxful (all supporting P2P transactions). Due to banks prohibiting direct cryptocurrency transactions, Pakistani users often choose alternative payment methods widely accepted on P2P platforms, including mobile wallets and financial technology solutions such as JazzCash, Easypaisa, and Redot Pay, etc.

Summary: Opportunities and Challenges Coexist

Cryptocurrencies have the potential to become a powerful tool for Pakistan to combat inflation and optimize cross-border payments. Additionally, the country's young and digitally inclined population structure provides a natural advantage for the promotion of cryptocurrencies and Web3 technologies. The establishment of the Cryptocurrency Committee may accelerate this process through education and infrastructure construction.

It is worth mentioning that Zhao Changpeng stated that the Web3 education platform he founded, Giggle Academy, can provide learning opportunities for out-of-school children in Pakistan. In addition, the establishment of Pakistan's Cryptocurrency Committee may promote the training of local Web3 talents through cryptocurrency and blockchain education projects, enhancing the public's awareness and acceptance of cryptocurrencies, and may also cultivate a group of digital economy practitioners in Pakistan.

In addition, Zhao Changpeng has extensive experience in the cryptocurrency industry, especially in dealing with global regulatory challenges, which may promote the PCC to formulate clearer regulatory policies that can attract foreign investment while balancing risks. Moreover, this move itself is a signal to the global cryptocurrency community that the country is actively embracing Web3 and digital finance, which may attract international capital attention to the Pakistani market and stimulate the development of the local Web3 entrepreneurial ecosystem.

However, Pakistan still has a high proportion of rural population, with low internet penetration rates and financial literacy, and relatively outdated power grids with frequent power outages, which may become barriers to the promotion of cryptocurrencies.

In summary, Pakistan's cryptocurrency adoption is at a critical turning point. The government's positive signals indicate that it may soon introduce an initial regulatory framework. If successful, this will unleash tremendous market potential, especially in remittances and financial inclusiveness. However, infrastructure improvement and international compliance remain key challenges. Furthermore, if Pakistan successfully builds a compliant cryptocurrency ecosystem, it may influence the policies of similar economies such as Bangladesh and Iran.

In the northwestern part of the South Asian subcontinent, Pakistan, a country with a population of 241 million and a highly youthful demographic, is quietly nurturing a cryptocurrency revolution.

Although the cryptocurrency market in Pakistan is still walking in a 'gray area,' with the continuous growth of the user base and the gradual clarification of the regulatory framework, this land is expected to rise as an important hub of the cryptocurrency economy in South Asia.

On April 7th, Zhao Changpeng announced his joining the Pakistan Cryptocurrency Committee (Pakistan Crypto Council, abbreviated as PCC) as a strategic advisor. This move not only highlights Zhao Changpeng's influence in the global cryptocurrency industry but also indicates that Pakistan is about to take a milestone step in the field of cryptocurrency. As an official strategic advisor to PCC, Zhao Changpeng will provide guidance on regulatory frameworks, infrastructure, education and application promotion, and work closely with the Pakistani government and private sectors to jointly build a compliant, inclusive, and globally competitive cryptocurrency ecosystem.

Let's take this opportunity to delve into the structure of Pakistan's Cryptocurrency Committee and the country's regulatory status and adoption in the cryptocurrency sector.

Structure of Pakistan Cryptocurrency Committee

The Pakistan Cryptocurrency Committee (PCC) was proposed by the Ministry of Finance in February 2025 and officially announced in March. It is under the Ministry of Finance, and its main responsibility is to oversee the integration and adoption of blockchain technology and digital assets in Pakistan's financial sector.

The committee's focus is not only on regulation but also on creating an environment where blockchain and digital finance can thrive, avoiding market chaos due to regulatory voids. In addition, PCC is committed to promoting responsible innovation, driving the innovative application of cryptocurrency technology in Pakistan while protecting consumers and ensuring financial security. The PCC organizational structure is as follows:

Muhammad Aurangzeb, the Finance Minister, serves as the chairman of the committee, indicating the Pakistani government's commitment to the evolving digital economy. Bilal bin Saqib, who serves as the CEO of the committee, is also the chief advisor to the Finance Minister. Bilal bin Saqib is an entrepreneur from London, with a master's degree in social innovation and entrepreneurship from the London School of Economics (LSE), and was also included in the Forbes 30 Under 30 list. In the Web3 field, Bilal bin Saqib is the founder of the Pakistani Web3 community Web3 Pak and has also served as a growth advisor at the African digital asset platform Busha, often speaking at cryptocurrency-related events, sharing experiences of blockchain's social impact. In addition to his work in the financial technology field, Bilal bin Saqib has previously received the 1632nd Point of Light Award (an award granted by the UK Prime Minister for individuals who have made outstanding contributions to the community), co-founded the non-profit organization Tayaba (providing clean water solutions for water-scarce communities in Pakistan), and launched the H2O Wheel (an innovative water transportation device to alleviate the burden on rural communities). In 2023, he was awarded the MBE medal for his humanitarian efforts during the COVID-19 pandemic.

The direct board members of PCC include the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Minister of Law, and the Federal Minister of Information Technology. This diverse combination ensures that regulatory supervision, financial stability, legal frameworks, and technological progress are closely aligned with Pakistan's cryptocurrency ecosystem.

From Bans to Embracement: Pakistan's 'Ice and Fire' Path to Cryptocurrency

Muhammad Aurangzeb, Pakistan's Finance Minister and PCC Chairman, stated, 'We are sending a clear signal to the world that Pakistan is opening the door to innovation. With CZ's joining, we will accelerate the realization of our vision to make Pakistan a regional powerhouse in Web3, digital finance, and blockchain-driven development.'

Pakistan Overview

Pakistan is located in the northwestern part of the South Asian subcontinent, bordering the Arabian Sea to the south, the Karakoram and Himalayan Mountains to the north, and adjacent to India, China, Afghanistan, and Iran to the east, north, and west, respectively, making it a key country connecting South Asia, the Middle East, and Central Asia.

Pakistan covers an area of 796,000 square kilometers. In terms of population structure, the country has a significant demographic dividend, being the fifth most populous country in the world, with over 60% of the population under 30 years old, naturally, and the labor force ranks among the top in the world.

According to the seventh national population census report released by Pakistan's Bureau of Statistics in July 2024, Pakistan's total population has reached approximately 241 million, a 15.87% increase compared to the sixth census in 2021, with an average annual population growth rate of 2.555%. About 79% of the population is under 40 years old, with children under 15 accounting for 40.56% of the total population, and young people aged 15 to 29 representing 26%.

Economically, Pakistan's economy currently faces multiple challenges such as high inflation, foreign debt crisis, and currency devaluation, but the government is seeking breakthroughs through international aid, structural reforms, and digital development.

In terms of education, Pakistan implements free primary and secondary education, but there is a shortage of schools, low education penetration rates, and insufficient infrastructure, as well as socio-economic factors that collectively constrain educational progress. According to data from the United Nations Children's Fund, Pakistan currently ranks second in the world for the number of out-of-school children, with about 25 million children (aged 5-16) unable to attend school, accounting for 44% of the total population in that age group. This situation is particularly prominent and severe in rural areas and among girls.

In terms of infrastructure, power shortages and low internet penetration rates (about 50%) limit technological development. It is worth mentioning that Pakistan's state religion is Islam, with Muslims accounting for 97% of the total population.

Pakistan's Crypto Regulatory Evolution in Three Acts

Pakistan's cryptocurrency regulation is currently transitioning from a ban to exploring regulation. Although the legal situation is still unclear, the government's softened stance, the establishment of the National Cryptocurrency Committee, international cooperation, and high adoption rates among civilians indicate that the country may soon introduce a clearer policy framework.

Ban Stage (2018 to 2021): In April 2018, the State Bank of Pakistan (SBP) issued a ban stating: "Virtual currencies are not legal tender issued or guaranteed by the Government of Pakistan. All banks, development financial institutions, microfinance banks / microfinance institutions / public utility providers / public service providers etc. are advised to refrain from processing, utilizing, trading, holding, transferring value, promoting, and investing in virtual currencies, and are also required not to assist their customers / account holders in conducting virtual currency / ICO transactions. Any such transactions should be immediately reported as suspicious transactions to the Financial Monitoring Unit (FMU)." The ban also advised the public to exercise caution for their own interests and avoid activities related to virtual currency mining, trading, exchange, value transfer, promotion, and investment to prevent any potential financial losses and legal implications, but did not explicitly restrict individual holding or P2P transactions, placing cryptocurrencies in a legal gray area. Shortly after, Urdubit, a Bitcoin trading platform in Pakistan, completely shut down.

Exploration Stage (2022 to 2024): The continuous expansion of the cryptocurrency scale has prompted central banks and financial regulatory institutions worldwide to conduct research and analysis on the cryptocurrency ecosystem. In 2022, the State Bank of Pakistan (SBP) released a report titled "Crypto Assets - Potential Risks and Opportunities and Global Regulatory Approaches," which reiterated the previous ban on virtual currencies but also pointed out that due to the convenience, anonymity, speculation, and other advantages of crypto assets, they are becoming increasingly popular among some global groups, and listed multiple challenges faced by crypto assets, including impacts on monetary policy, effects on the foreign exchange regime and capital flight, financial stability, use for money laundering and terrorist financing, tax evasion, etc.

In the same year (February 2022), according to a speech by Reza Baqir, the then Governor of the State Bank of Pakistan, on February 6, 2022, titled "The Rise of Digital Currency and the Path to the Future," Pakistan is experiencing a rapid transition from cash to digital payments, with a huge mobile user base (190 million telecom users, 108 million 3G/4G users, etc.), providing favorable conditions for digitalization. Pakistan is actively embracing digital transformation, viewing it as a significant opportunity for the development of its financial system, but remains cautious about private digital currencies, considering the risks of virtual currencies outweigh the benefits. At the same time, Reza Baqir is optimistic about CBDC, believing it may facilitate inclusiveness, innovation, and cross-border payments. Reza Baqir also called on regulatory agencies

to not only establish rules but also actively innovate and promote the development of the financial ecosystem.

However, in March 2023, the Pakistani government intended to suspend the provision of cryptocurrency services online in the country to prevent illegal transactions in digital assets. Aisha Ghaus Pasha, the former Finance Minister of Pakistan, revealed that Pakistan "will never legalize cryptocurrencies."

In June 2023, the State Bank of Pakistan announced plans to introduce a central bank digital currency. In November 2024, the federal government proposed amendments to the "State Bank of Pakistan Act" to legalize (central bank-issued) digital currency in Pakistan. The new amendments also proposed penalties for unauthorized issuance of digital currency. Anyone found illegally issuing digital currency will be subject to a fine equivalent to twice the value of the illegal issuance.

Breakthrough Stage (2025): Entering 2025, Pakistan's attitude towards digital currency has undergone a substantial shift, planning to create a legal framework for cryptocurrency transactions to attract international investment. In March of this year, the Pakistan Cryptocurrency Committee (PCC was officially established. The committee's CEO Bilal Bin Saqib proposed using the country's surplus energy to promote Bitcoin mining.

It is worth noting that in 2018, Pakistan was placed on the Financial Action Task Force (FATF) 'gray list' of jurisdictions under increased monitoring due to such reasons, and as a result, the government and central bank scrutinized the legality and potential risks of cryptocurrencies. With FATF removing Pakistan from the 'gray list' in 2022 and the global cryptocurrency market's booming development, the improved international financial environment may bring new opportunities to the cryptocurrency market, but also comes with stricter regulatory expectations. Bilal bin Saqib has stated that PCC is still exploring measures such as RWA and establishing regulatory sandboxes, while ensuring compliance with FATF standards. PCC's primary task is to establish a robust and transparent regulatory framework requiring all cryptocurrency activities to comply with KYC and AML regulations.

Cryptocurrency Adoption in Pakistan

In recent years, the adoption rate of cryptocurrencies in Pakistan has increased significantly, mainly driven by economic instability, currency devaluation, capital controls, and a highly digitalized young population.

CEO of Pakistan Cryptocurrency Committee Bilal bin Saqib stated that Pakistan ranks in the top ten globally in cryptocurrency adoption, with an estimated 25 million active users. Pakistan is the first in BTC mining, tokenization, and cryptocurrency regulation to have an optimistic attitude. Bilal bin Saqib stated that the country is exploring blockchain technology to simplify remittance processes.

Chainalysis reports also show that Pakistan ranks ninth globally in cryptocurrency adoption rates, with India, Nigeria, and Indonesia ranking in the top three.

Secondly, Pakistan is the fifth-largest remittance recipient globally (about $33 billion in 2024), but traditional channels have high fees, making cryptocurrency cross-border remittance tools more popular.

According to BeInCrypto, the five most popular cryptocurrency trading platforms in Pakistan include Binance, Bitget, Bisq, OKX, and Paxful (all supporting P2P transactions). Due to banks prohibiting direct cryptocurrency transactions, Pakistani users often choose alternative payment methods widely accepted on P2P platforms, including mobile wallets and financial technology solutions such as JazzCash, Easypaisa, and Redot Pay, etc.

Summary: Opportunities and Challenges Coexist

Cryptocurrencies have the potential to become a powerful tool for Pakistan to combat inflation and optimize cross-border payments. Additionally, the country's young and digitally inclined population structure provides a natural advantage for the promotion of cryptocurrencies and Web3 technologies. The establishment of the Cryptocurrency Committee may accelerate this process through education and infrastructure construction.

It is worth mentioning that Zhao Changpeng stated that the Web3 education platform he founded, Giggle Academy, can provide learning opportunities for out-of-school children in Pakistan. In addition, the establishment of Pakistan's Cryptocurrency Committee may promote the training of local Web3 talents through cryptocurrency and blockchain education projects, enhancing the public's awareness and acceptance of cryptocurrencies, and may also cultivate a group of digital economy practitioners in Pakistan.

In addition, Zhao Changpeng has extensive experience in the cryptocurrency industry, especially in dealing with global regulatory challenges, which may promote the PCC to formulate clearer regulatory policies that can attract foreign investment while balancing risks. Moreover, this move itself is a signal to the global cryptocurrency community that the country is actively embracing Web3 and digital finance, which may attract international capital attention to the Pakistani market and stimulate the development of the local Web3 entrepreneurial ecosystem.

However, Pakistan still has a high proportion of rural population, with low internet penetration rates and financial literacy, and relatively outdated power grids with frequent power outages, which may become barriers to the promotion of cryptocurrencies.

In summary, Pakistan's cryptocurrency adoption is at a critical turning point. The government's positive signals indicate that it may soon introduce an initial regulatory framework. If successful, this will unleash tremendous market potential, especially in remittances and financial inclusiveness. However, infrastructure improvement and international compliance remain key challenges. Furthermore, if Pakistan successfully builds a compliant cryptocurrency ecosystem, it may influence the policies of similar economies such as Bangladesh and Iran.