Pakistan among top countries for crypto adoption with 20 million users — adviser 

This illustration photograph taken on July 19, 2021, in Istanbul, shows a physical banknote and coin imitations of the Bitcoin cryptocurrency. (AFP/File)
Short Url
Updated 28 March 2025
Follow

Pakistan among top countries for crypto adoption with 20 million users — adviser 

  • Pakistan Crypto Council set up this year to set regulatory guidelines for adoption, lure foreign investment 
  • Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are not illegal or banned

ISLAMABAD: Pakistan is among the top countries in the world for crypto adoption, with around 20 million users, Pakistan Crypto Council (PCC) Chief Executive Officer Bilal Bin Saqib said on Friday.

The PCC, established by the government earlier this month, aims 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.

“Around 20 million crypto users are in Pakistan,” Saqib said during a talk show on Geo News. “We are coming on number three and four globally and there are many blockchain technology opportunities in Pakistan.”

Explaining the role of the PCC, Saqib said it would create a regulatory framework for crypto-related activities in Pakistan, including exchanges and licensing, and ensure a secure environment to protect Pakistanis from potential losses.

“Globally 0.24 percent cryptocurrency transactions are used for wrong things,” he said. “We want to use this technology for other things like real estate, agriculture and to unlock their liquidity.”

Saqib refrained from providing a timeline for when crypto would be legalized in Pakistan.

Speaking to Bloomberg earlier this month, Bilal, recognized by Forbes as a Web3 investor and blockchain strategist, highlighted that Pakistan offered one of the lowest operating costs for crypto businesses, making it a more cost-effective alternative to hubs like Dubai and Singapore. 

He said regulatory sandboxes were being developed to create fast-track systems for crypto startups, enabling them to operate within a controlled and compliant environment.

Pakistan is also engaging with the UAE to learn from its regulatory model and is working closely with Nigeria and Turkiye on policy development, he told Bloomberg. 

Regarding taxation, Bilal has said the government intended to implement a “balanced pro-growth tax structure” to encourage foreign investment in the sector.

He emphasized that cryptocurrency could significantly boost Pakistan’s fintech sector, positioning the country as a regional leader in digital finance. 


Police lodge case over Karachi mall blaze under mischief, negligence and murder clauses

Updated 24 January 2026
Follow

Police lodge case over Karachi mall blaze under mischief, negligence and murder clauses

  • The fire broke out at the densely packed Gul Plaza in the heart of Karachi on Jan. 17 and has so far claimed 71 lives
  • Traders have estimated losses at $53.6 million, while the government has announced $35,720 for family of each victim

ISLAMABAD: Police in Pakistan’s southern port city of Karachi have registered a case over a deadly blaze at Gul Plaza, which has so far claimed 71 lives, under mischief, negligence and murder clauses, a senior police official said on Saturday.

The fire broke out at the densely packed commercial complex in the heart of Karachi on Jan. 17, trapping workers and shoppers inside. It burnt for over 24 hours before being brought under control, leaving the building structurally unsafe.

Authorities have not yet confirmed the cause of the fire. Police said preliminary indications pointed to a possible electrical short circuit, though officials stress conclusions will only be drawn after investigations are completed.

A week after the incident, police have registered the first information report (FIR) of the incident under sections 427, 436, 337-H (i) and 322 of the Pakistan Penal Code, according to Deputy Inspector General (DIG) Karachi South Asad Raza.

“The FIR of the Gul Plaza tragedy has been registered under the government’s prosecution, with case number 08/2026 at Nabi Bux police station,” Raza told Arab News.

Section 427 relates to mischief causing damage, 436 concerns mischief by fire or explosive substance, 337-H (i) details punishment for rash or negligent act, and 322 details punishment for homicide.

Deadly fires are a recurring problem in Karachi, a city of more than 20 million people, where overcrowded markets, aging infrastructure, illegal construction and weak enforcement of safety regulations frequently contribute to disasters. Officials say a blaze of this scale is rare.

Identification has been significantly slowed by the condition of the remains recovered from the site, Syed said, noting that many bodies were found in fragments, complicating DNA analysis and prolonging the process for families waiting for confirmation.

Traders have estimated total losses from the fire at up to Rs15 billion ($53.6 million). The Sindh provincial government this week announced compensation of Rs10 million ($35,720) for the family of each person killed in the blaze and said affected shopkeepers would also receive financial assistance.

Separately on Saturday, the Muttahida Qaumi Movement-Pakistan (MQM-P) party urged Prime Minister Shehbaz Sharif to constitute an inquiry commission to hold those accountable whose negligence led to the Gul Plaza inferno.

“Incapability, mistake, apathy, shamelessness, impudence — these should be exposed,” MQM-P’s Farooq Sattar said, calling for an “independent judicial inquiry” into the Gul Plaza tragedy to ensure the truth comes to light.

LAHORE HOTEL FIRE

Meanwhile, a fire erupted at a hotel in the eastern city of Lahore in Pakistan’s most populous Punjab province, according to Rescue 1122 service.

Six people were injured due to the blaze at the hotel in the city’s Gulberg area who were shifted to hospital.

“All necessary steps be taken to quickly control the fire, instructions,” Deputy Commissioner Muhammad Ali Aijaz directed authorities. “Immediate evacuation of all people from the building be ensured.”