Finance Ministry Takes Over Crypto Regulations

The Ministry of Finance, Government of Pakistan has now claimed the lead on virtual asset regulations. Despite months of groundwork by the Ministry of Science and Technology under Dr. Khalid Maqbool Siddiqui’s team who had been diligently crafting a framework with input from 16 institutions, including the State Bank of Pakistan (SBP), SECP, the Pakistan Telecommunication Authority (PTA), the Federal Board of Revenue (FBR), and intelligence agencies as well as having a legal basis under the Rules of Business 1973, their efforts were sidelined.

The change was brought on by a visit from advisers to former U.S. President Trump. Their focus on financial oversight reinforced the Finance Ministry’s position, giving it the cards to push forward with a proposed Pakistan Crypto Council—without inviting the Science Ministry. The appointment of British Pakistani entrepreneur Bilal Bin Saqib MBE as chief adviser on digital assets came as the cherry on top.

Science Ministry insiders argue that while financial policies belong to Finance, the technical and developmental side of crypto is their domain. Meanwhile, crypto operations in Pakistan will now require Non-Banking Financial Company (NBFC) registration under SECP rules for legitimization as the power struggle continues in the background.