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Pakistan unveils first-ever policy to regulate digital assets in line with FATF guidelines

Pakistan unveils first-ever policy to regulate digital assets in line with FATF guidelines
Pakistan Finance Minister Muhammad Aurangzeb (left) unveils logo of Pakistan Crypto Council with Binance Founder Changpeng Zhao, as council’s strategic adviser, in Islamabad on April 7, 2025. (Photo courtesy: Handout/Finance Division)
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Updated 10 April 2025
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Pakistan unveils first-ever policy to regulate digital assets in line with FATF guidelines

Pakistan unveils first-ever policy to regulate digital assets in line with FATF guidelines
  • New policy will set rules for the operation of digital currencies and related companies in Pakistan
  • Pakistan Crypto Council was established in March to create legal framework for digital currencies
Updated 10 April 2025
Hasaan Ali Khan
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ISLAMABAD: Pakistan has introduced its first-ever policy framework to regulate virtual assets and service providers, aligning with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF), the country’s top investigation agency said on Thursday.
The new policy, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, is meant to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan.
The move follows the establishment of the Pakistan Crypto Council last month to create a legal framework to create a legal framework for cryptocurrency trading in a bid to lure international investment. 
Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
“Pakistan has formulated its first-ever comprehensive policy framework for the regulation of Virtual Assets and Virtual Asset Service Providers,” the Federal Investigation Agency (FIA) said in a statement. 
The policy will be scrutinized by stakeholders and legislative proceedings before being implemented in phases from next year.
The policy aims to curb money laundering, terrorism financing, financial instability and the potentials of blockchain-based finance and also provide space for innovation and develop institutional expertise. 
“This is a paradigm shift in how Pakistan views digital finance,” FIA Director Sumera Azam was quoted in the statement as saying. “The policy proposal seeks to strike a historic balance between technological advancement and national security imperatives.”
She added that the framework aligned with FATF Recommendation 15 on compliance and financial integrity.
FATF Recommendation 15, titled “New Technologies,” ensures that AML and CFT frameworks are adaptable to emerging financial technologies, including virtual assets and virtual asset service providers.

Topics: Pakistan Crypto Council

Pakistan stresses importance of trade corridors to increase investment at G-24 finance ministers’ moot

Pakistan stresses importance of trade corridors to increase investment at G-24 finance ministers’ moot
Updated 15 sec ago
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Pakistan stresses importance of trade corridors to increase investment at G-24 finance ministers’ moot

Pakistan stresses importance of trade corridors to increase investment at G-24 finance ministers’ moot
  • Muhammad Aurangzeb attends G-24 Finance Ministers and Central Bank Governors’ Meeting in Washington
  • Finance minister stresses importance of greater financial and technical support among developing countries
Updated 15 sec ago
Ismail Dilawar

KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Wednesday stressed the importance of regional trade corridors and enhanced connectivity to ensure increased investment and cooperation among nations, the Finance Division said.

Aurangzeb was speaking at the G-24 Finance Ministers and Central Bank Governors’ Meeting in Washington. The Pakistani finance minister is currently on a visit to Washington to attend the 2025 spring meetings of the IMF and the World Bank Group, where he has held a series of high-level engagements on the sidelines.

Pakistan has increased the importance of regional connectivity in its economic policy in recent years. The South Asian country is part of the China-Pakistan-Economic Corridor (CPEC), a multi-billion-dollar project that connects both countries via an infrastructure network of roads, railways and energy projects. Islamabad is also pushing for greater connectivity for trade and investment with Central Asian countries, Afghanistan, Turkiye and the Middle East.

“He [Aurangzeb] underscored the importance of regional trade corridors, enhanced connectivity and South-South cooperation as key drivers for increasing investment and trade flows,” the Finance Division said.

“He also stressed the need for greater financial and technical support among developing countries to navigate global economic challenges effectively.”

The minister highlighted the recent financial reforms undertaken by his government, pointing out the macroeconomic stability achieved by Pakistan. He lauded the “strong resilience” of the country’s banking system and the government’s ongoing structural reforms, the Finance Division said.

“Minister Aurangzeb emphasized the need to maintain the reform trajectory in view of evolving geopolitical dynamics, demand fragmentation, rising protectionism, and the risks of spillovers and exogenous shocks, including trade tariffs,” it added.

Earlier on Tuesday, Aurangzeb met IMF Managing Director Kristalina Georgieva, reassuring her that Islamabad would stay the reform course mandated by the global lender.

His engagements also included a meeting with World Bank Group President Ajay Banga. Aurangzeb commended the World Bank’s leadership in developing a transformative Country Partnership Framework (CPF) — a decade-long strategic roadmap centered around measurable impacts and outcomes.

During his visit to Washington, Aurangzeb is expected to meet finance ministers from China, the United States, United Kingdom, Saudi Arabia and Turkiye, as well as officials of global credit rating agencies, commercial and investment banks.

Topics: Pakistan Finance Minister G-24 finance ministers’ moot

Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza

Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza
Updated 54 min 36 sec ago
AFP
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Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza

Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza
  • Pontiff had reiterated call for Gaza ceasefire during last public appearance on Easter Sunday
  • Pope remembered as revered advocate for peace, interfaith dialogue, and rights of the poor
Updated 54 min 36 sec ago
AFP

LAHORE: Catholics in Pakistan have been holding prayers and vigils for Pope Francis, the first Latin American leader of the Roman Catholic Church who died on Monday, remembering him as an advocate for peace and praising him for speaking up for the “oppressed” in Gaza. 

The pope was 88 and had suffered a serious bout of double pneumonia this year, but his death came as a shock after he had been driven around St. Peter’s Square in an open-air popemobile to greet cheering crowds on Easter Sunday.

In the eastern Pakistani city of Lahore, a small number of Catholics in the Muslim-majority country held prayers and a candlelight vigil for Pope Francis at the Cathedral Church of the Resurrection.

Church leaders and worshippers described the pope as a revered advocate for peace, interfaith dialogue, and the rights of the poor. The pontiff had reiterated his call for an immediate ceasefire in Gaza during his brief appearance before thousands of Catholic pilgrims gathered in St. Peter’s Square for the Vatican’s open-air Easter Sunday mass. 

“Pope Francis was a personality who spoke above all for humanity. All his services conveyed a message of peace and harmony. Even his last words, which we can call his final will, were a prayer to God for peace,” priest Irfan Fiaz, 34, said. 

“Pope Francis always prayed for the people, for our country, and constantly carried the message of brotherhood, peace, and security. And this message was not just limited to words, he practiced what he preached. There was harmony between his words and actions.”

Syed Mehmood, 50, chairman of a local peace committee, appreciated the pope for speaking up for the rights of Muslims and the “oppressed in Palestine and Gaza.”

“Wherever there was oppression against humanity, whenever there was injustice, the voice of Pope Francis was the first and the loudest to be heard, and his strong voice made a real impact,” Mehmood told AFP. 

Topics: Pope Francis

OIC urges member states to implement science, technology agenda during Islamabad moot

OIC urges member states to implement science, technology agenda during Islamabad moot
Updated 22 April 2025
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OIC urges member states to implement science, technology agenda during Islamabad moot

OIC urges member states to implement science, technology agenda during Islamabad moot
  • COMSTECH is holding three-day summit to discuss agenda to promote science and technology among member states
  • Representatives from 15 OIC institutions, including those from Saudi Arabia, Malaysia, Türkiye, Bangladesh participate
Updated 22 April 2025
SAIMA SHABBIR

Islamabad: An Organization of Islamic Cooperation (OIC) official on Tuesday urged member states to intensify their efforts in implementing the OIC’s Science, Technology and Innovation (STI) Agenda 2026 to ensure sustainable development. 

The Ministerial Standing Committee of the Organization of Islamic Cooperation for Scientific and Technological Cooperation (COMSTECH) is organizing the sixth meeting of the OIC steering committee for the implementation of the organization’s Science, Technology and Innovation (STI) Agenda 2026 from Apr. 22-24 in Islamabad. 

The OIC’s STI Agenda 2026, launched at the First OIC Summit on Science and Technology in Astana, Kazakhstan in 2017, is a strategic framework to advance science and technology by fostering collaboration, promoting sustainable development and enhancing the scientific capabilities of member states. 

“I stress the utter importance of intensifying our efforts in implementing the OIC STI Agenda 2026 until it expires,” Ambassador Aftab Ahmed Khokhar, the OIC’s assistant secretary general for science and technology, said in his address during the meeting’s inaugural session.

This high-level meeting is being attended by the heads and representatives of 15 OIC institutions from Saudi Arabia, Kazakhstan, Türkiye, Jordan, Uganda, Bangladesh, Malaysia, and Pakistan. 

The STI agenda’s progress is reviewed through regular meetings of the OIC Steering Committee. These meetings assess achievements, identify challenges and set future directions for the agenda’s implementation.

Khokhar highlighted the urgency of reviewing the STI Agenda, addressing associated challenges and outlining a way forward to ensure impactful outcomes.

“The OIC STI agenda, which is expiring in 2026, may be extended for another 10 years from 2027 to 2037, splitting into several shorter time frames with measurable and realistic actions to be executed,” he said. 

COMSTECH Coordinator General Prof. Dr. M. Iqbal Choudhary said that with a population of 2 billion people across 57 countries, the OIC is focused on equipping its youth with science and technology to drive socioeconomic change.

“The OIC STI Agenda 2026 focuses on 12 priorities including ensuring quality education for all, enhancing youth employability through skills and training, and securing access to food, water, and energy as essential foundations for sustainable development,” Choudhary told Arab News.

He said it was very important to understand climate change and its impact on human life, highlighting it as one of the key areas where member states were working together under the STI agenda.

The COMSTECH official said Pakistan and Saudi Arabia could lead the Muslim world in this field. He noted that in recent years, the Kingdom under Crown Prince Mohammed bin Salman’s leadership, has achieved major milestones in science and technology-driven socio-economic development.

“I think Pakistan and Saudi Arabia can work together not only for bilateral benefit and cooperation but also to benefit other countries in the Muslim world,” Chaudhary explained. 

He said Saudi Arabia had a leader’s role to play in developing an economically inclusive Muslim world through the use of science, technology and industry.

Topics: OIC Ministerial Standing Committee of the Organization of Islamic Cooperation for Scientific and Technological Cooperation (COMSTECH)

Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan

Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan
Updated 22 April 2025
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Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan

Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan
  • Pakistan, Russia joint working group to counter international “terrorism” meets in Moscow
  • Discussions revolved around growing need for adaptive strategies, says Pakistan foreign ministry
Updated 22 April 2025
Shahjahan Khurram

ISLAMABAD: Senior officials from Pakistan and Russia on Tuesday agreed to strengthen cooperation in the face of evolving “terrorism” in Afghanistan and the region, Pakistan’s foreign ministry said in a statement. 

Pakistan and Russia have both struggled with threats from armed militant groups. Islamabad complains about increasing “cross-border” attacks by the banned Tehreek-e-Taliban Pakistan (TTP) that it says originate from Afghanistan, allegations denied by Kabul. 

Russia also faces threats from Daesh militants. On Mar. 22, 2024, a deadly attack at the Crocus City Hall concert venue near Moscow killed over 140 people and injured several. The attack, claimed by Daesh militants, was one of the deadliest in Russia in recent years.

Both sides discussed counter-terror strategies during the 11th meeting of the Pakistan-Russia Joint Working Group to Counter International Terrorism in Moscow on Tuesday. Pakistan’s delegation was led by Special Secretary (United Nations) Nabeel Munir, while the Russian side was led by Deputy Foreign Minister, Sergey Vershinin, for talks that will go on till Wednesday. 

“The two sides held an in-depth exchange of views on the global and regional terrorism landscape, with particular attention to the evolving threat posed by terrorism in Afghanistan and the region,” Pakistan’s foreign affairs ministry said. 

“The discussions focused around the increasingly transnational nature of terrorism and the growing need for adaptive and cooperative strategies.”

The meeting concluded with both sides reaffirming their resolve to strengthen cooperation amid shared challenges posed by militants. The two delegations also recognized that collective efforts remain essential to maintaining regional and global stability, the Pakistani foreign ministry said. 

Both sides decided to hold the working group’s next meeting in 2026. 

Pakistan and Russia held the last meeting of the working group on Nov. 16, 2023, during which Moscow and Islamabad discussed national strategies and measures in combating “terrorism.”

The platform provides both sides an opportunity to share their experiences and best practices in battling militancy.

Topics: Pakistan Russia Ties

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
Updated 22 April 2025
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Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
  • PM’s focal person for polio eradication, Ayesha Raza Farooq, meets IsDB delegation in Islamabad
  • IsDB is one of largest financiers of Pakistan’s anti-polio program, announced $587 million loan in 2023
Updated 22 April 2025
Arab News Pakistan

ISLAMABAD: Pakistani prime minister’s aide on polio eradication, Ayesha Raza Farooq, on Tuesday acknowledged the Islamic Development Bank’s (IsDB) financial and strategic contributions to sustain its anti-polio program in the country. 

The IsDB has contributed over $587 million to eradicate poliovirus from Pakistan since 2013, making it one of the largest financiers of the country’s anti-polio program. It announced a loan of $100 million in December 2023 to support Pakistan’s polio eradication efforts. 

Farooq met a high-level delegation of the IsDB’s Regional Hub in Turkiye at the National Emergency Operations Center (NEOC) in Islamabad on Tuesday, the Pakistan Polio Eradication Programme said. 

“The Islamic Development Bank has been a pillar of strength for the Pakistan Polio Eradication Programme, especially during its most challenging phases,” Farooq was quoted as saying by Pakistan’s anti-polio program. 

“Your financial and strategic contributions have been instrumental in sustaining the program and ensuring that vaccination campaigns reach the most vulnerable children across the country.”

Pakistan is only one of two countries worldwide where polio remains endemic. The Pakistani government launched a seven-day nationwide campaign on Monday to vaccinate over 45 million children against the disease. 

Dr. Walid Mohamad Abdelwahab, director of the IsDB’s regional hub in Turkiye, reaffirmed the institution’s support for Pakistan in achieving a polio-free future, the statement said. He commended Pakistan for its efforts and collaboration in the fight against polio, it added. 

The delegation briefly visited the NEOC control room following the meeting, where they were informed about the national reach of the campaign. The IsDB delegation was told the campaign would cover over 45.4 million children through the efforts of more than 400,000 frontline health workers via door-to-door vaccinations.

“IsDB commended the Government of Pakistan’s relentless efforts and reaffirmed its support in reaching the last mile of polio eradication,” Pakistan’s anti-polio program said.

In 2024, Pakistan reported an alarming 74 polio cases. The country’s polio program, launched in 1994, has faced persistent challenges including vaccine misinformation and resistance from some religious hard-liners, who claim immunization is a foreign conspiracy to sterilize Muslim children or a guise for Western espionage. 

Militant groups have also repeatedly targeted and killed polio vaccination workers during nationwide drives.

Topics: anti-polio program polio eradication Islamic Development Bank (IsDB)

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