Pakistan is actively developing a legal framework for cryptocurrencies to attract foreign investors and become a leader in the blockchain finance space. Bilal bin Saqib, CEO of the Pakistan Cryptocurrency Board, said that the country is looking for regulatory clarity that will facilitate business development and attract international investment. “Pakistan, a country where 60% of the population is under 30, has a huge potential to develop Web3 technologies and the cryptocurrency industry,” Saqib said.

According to analytics company Chainalysis, Pakistan ranks ninth in the world in terms of cryptocurrency adoption. The country has up to 20 million digital asset users. Saqib also noted that developing countries like Pakistan and Nigeria can benefit greatly from blockchain adoption by reducing their reliance on traditional banks and cutting transaction fees.

Saqib, who has been appointed as the chief adviser to the finance minister on cryptocurrencies, stressed that Pakistan is open for business and is poised to become a key player in the global crypto industry. He also mentioned that Donald Trump’s moves in the US to promote cryptocurrencies as a national priority could be a catalyst for other countries, including Pakistan.