A.   Background (BG)

1.   This refers to the related Important QCs in trail, blue, italic and double line (a) TLQC 3235 of 10.8.25 about PRAL closure in 6 months, Hacking & KC Recommendations (b) FRQC 316 of 5.8.25 about GENIUS Act versus Virtual Assets Ordinance, 2025 = Crypto, Bitcoin, Betting, etc (b) BFIC 315 of 1.8.25 about Virtual Assets Ordinance 2025 and Crypto, Betting & Shariah History 

2.   We also refer to several Other QC including (a) TLQC 3086 of 18.4.25 about 9 Million Crypto users but no Tax Policy - FTO Recommended action (b) BFIC 309 of 26.3.25 about Crypto Council constituted 

(c) BFIC 308 of 25.3.25 about Cryptocurrency is not as per Shariah - Top Level World renowned Expert (d) COQC 620 of 27.11.23 about Surrogate ads of Cryptocurrency & Betting and Shariah (e) BFIC 98 of 30.6.21 about Crypto Currency Islamic Shariah & Legal Aspects

B.   Updated Commentary

Further to KQU 3509, being an important matter, we would inform you about Unlocking Pakistan’s $25 billion crypto dream by 2030 requires smart regulation: Experts (Attachment 320.1) by Messrs Amayad Ashfaq Tola, Sardar M. Ahsan Ahmed, Finance Minister Senator Mr Muhammad Aurangzeb & Mr Bilal Saqib in the ensuing paragraph, with emphasis in bold & Underline for quick reading.

2. Pakistan is positioning itself to tap into a projected $2.5 billion market by 2025 end and 29 million users by 2026, signaling a potential fintech leap for the country. However, this promise is conditional on enacting smart regulations, raising public awareness, and building trust in digital finance. Without a clear legal framework and national strategy, Pakistan risks falling behind as over 130 countries move forward with regulated crypto ecosystems and digital currencies.

3. Mr Amayed Ashfaq Tola, President of Tola Associates, emphasized, “Crypto’s potential can only be realized through robust protocols and clear regulations. The new Virtual Assets Ordinance and Regulatory Authority lay the groundwork, but the FBR must adopt a growth-oriented tax approach. Internationally, a FATF-aligned framework and cross-border cooperation are essential for investor confidence.”

4. In the public eye, cryptocurrency is often associated with scams and unrealistic promises, further breeding skepticism. Rural populations face additional obstacles: poor internet connectivity, limited access to learning resources, mostly in English, and confusion over legal status due to past bans.

5. Yet the potential is undeniable. If embraced and regulated effectively, crypto could reshape Pakistan’s economy, enabling low-cost remittances, expanding financial access to unbanked populations, and creating a new wave of digital entrepreneurship.

6. Mr. Sardar M. Ahsan Ahmed, Head of Economic Advisory, talking to this scribe reinforced this, saying, “Cryptocurrency offers Pakistan immense economic potential, from faster remittances and greater financial inclusion to new tech-driven jobs and global investment. But this promise depends entirely on establishing strong regulatory frameworks and public awareness.”

7. Government interest appears to be growing. The formation of the Pakistan Crypto Council (PCC), chaired by Finance Minister Senator Mr Muhammad Aurangzeb, and the appointment of Mr Bilal Saqib as State Minister for Blockchain and PCC CEO, signal a shift toward formal recognition of digital assets. The government has also announced plans to integrate crypto into various sectors, including energy.

8. Legal clarity would allow for licensed exchanges, taxation systems, and possibly even a Digital Rupee, improving transparency and enabling efficient subsidy and tax tracking. Cross-border B2B trade could benefit from faster payments, while reduced remittance fees could strengthen forex reserves. All of this would expand Pakistan’s financial base and attract foreign investment from countries like the UAE, China, and Turkey.

9. Education remains central to this transformation. With the right policies, crypto literacy programs could be introduced in schools, while universities launch blockchain and fintech courses. Social media and youth-led innovation platforms could further democratize access, creating a generation of informed investors and developers.

10. Still, Pakistan’s crypto future is not without significant risks. Cybersecurity threats such as hacking, phishing, and fake investment schemes are rising. Without strong data protection, KYC procedures, and public education, the sector could face reputational damage. Infrastructure challenges, including unreliable electricity, internet outages, and mobile theft, could also slow progress in certain regions.

11. Pakistan’s growing digital ecosystem, youthful population, and strong remittance inflows offer solid ground. Initiatives like RAAST and increasing smartphone penetration suggest a population ready to engage, if given the tools and protections.

12. Mr Affan Haider, Tax Associate at The Tola Association, remains optimistic but emphasizes the need for smart oversight, saying, “With proper regulation and taxation, crypto can unlock significant economic value. It can support development funding, reduce foreign loan dependency, and formalize the informal economy. But the risks, from scams to cybercrime, demand urgent public education and strict oversight.”

13. “Cryptocurrency is not just a financial tool—it’s a gateway to Pakistan’s digital future. With transparent policies, education, and strong regulation, the country could unlock over $25 billion in economic potential by 2030, create hundreds of thousands of jobs, and emerge as a South Asian leader in digital finance,” Affan Haider concluded in his remarks to APP.

14. Cryptocurrency has grown into a multi-trillion-dollar global industry, with the total market cap frequently surpassing $2 trillion. Over 130 countries are exploring or have implemented regulatory frameworks for digital assets. Nations like Japan, Switzerland, the UAE, Singapore, and the UK have established clear guidelines for exchanges, taxation, and consumer protection, while major economies such as the U.S. and the EU continue refining regulations to address innovation and risk. Additionally, more than 100 central banks are actively researching or piloting Central Bank Digital Currencies (CBDCs), signaling a global shift toward digital finance integration.

C.   Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email Mr Amsal at amsal@kasbati.co with CC to info.kasbati@professional-excellence.com.

Best regards for Here & Hereafter
Asif S Kasbati (FCA, FCMA & LLB)