Trump-backed financial firm partners with Pakistan Crypto Council to boost blockchain adoption

Representations of cryptocurrencies are seen in this illustration, on August 10, 2022. (REUTERS/File)
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Updated 27 April 2025
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Trump-backed financial firm partners with Pakistan Crypto Council to boost blockchain adoption

  • Pakistan has signaled plans to announce comprehensive cryptocurrency legalization policies soon
  • Country’s finance chief says such partnerships will open new doors for investment and innovation

KARACHI: World Liberty Financial (WLF), a decentralized finance platform backed by US President Donald Trump, signed a letter of intent with Pakistan’s Crypto Council on Saturday to advance blockchain innovation, stablecoin adoption and decentralized finance (DeFi) integration across the South Asian country.

The agreement, signed in Islamabad, comes as Pakistan looks to formalize its crypto economy amid rising interest in blockchain technologies.

Pakistan is already among the world’s fastest-growing crypto markets, ranking near the top in global adoption rates, with an estimated $300 billion in annual crypto transactions and around 25 million active users.

The government has signaled plans to announce comprehensive cryptocurrency legalization policies soon, building on its wider digital economy ambitions fueled by a largely young population and growing mobile penetration.

“Pakistan’s youth and technology sector are our greatest assets,” Finance Minister Muhammad Aurangzeb, who is currently in Washington and attended the ceremony through video link, said, according to a government statement. “Through partnerships like this, we are opening new doors for investment, innovation and global leadership in the blockchain economy.”

The WLF delegation also met Prime Minister Shehbaz Sharif, Chief of Army Staff General Asim Munir, Deputy Prime Minister Ishaq Dar and several federal ministers during the visit.

The partnership outlines cooperation on areas such as regulatory sandboxes for blockchain product testing, tokenization of real-world assets, expansion of stablecoin applications for remittances and trade and advisory support on blockchain infrastructure and regulatory trends.

Pakistan’s proactive stance follows its broader push to position itself as a hub for digital finance innovation, with 64 percent of its population under the age of 30.

Rising mobile broadband access, a booming freelance economy and increasing government interest in blockchain have accelerated the country’s Web3 adoption.

Bilal Bin Saqib, CEO of the Pakistan Crypto Council, said the collaboration with WLF was aimed at empowering Pakistan’s young population and integrating the country more deeply into the future of global finance.

WLF leadership praised Pakistan’s “energy, vision and talent,” calling it one of the most exciting places in the world to build decentralized finance ecosystems.


11 killed, at least 60 missing after huge Karachi shopping plaza blaze

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11 killed, at least 60 missing after huge Karachi shopping plaza blaze

  • Videos showed flames rising as firefighters labored through Sunday night to stop fire that started on Saturday 
  • Firefighters said lack of ventilation in the ‌mall caused the building to ‌fill ⁠with ​smoke ‌and slowed rescue efforts

ISLAMABAD: The provincial government of Sindh has ordered an official inquiry after a fire at a major shopping plaza in the port city of Karachi killed 11 people and destroyed more than 1,200 shops, officials said on Monday, dealing a severe blow to one of the city’s busiest commercial districts.

The blaze broke out late Saturday at Gul Plaza in Karachi’s Saddar business area and spread rapidly through multiple floors, according to emergency officials. Firefighters battled flames for hours to bring the fire under control, which was still blazing late into Sunday night.

Deadly fires in commercial buildings are a recurring problem in Karachi, a city of more than 20 million people, where overcrowding, outdated infrastructure and weak enforcement of fire safety regulations have repeatedly resulted in mass casualties and economic losses.

“Karachi fire death toll rises to 11,” said Chief Police Surgeon for Karachi Dr. Summaiya Syed Tariq.

“The fire has been extinguished but light smoke is still rising and the recovery of bodies has now begun,” says Muhamamd Amin, an official of Edhi present on the spot.

Taking notice of the incident, Chief Minister Murad Ali Shah on Sunday evening directed the Karachi commissioner to launch an immediate inquiry and examine whether safety failures or regulatory lapses contributed to the scale of the disaster.

“Fire safety arrangements in the building must be checked, and strict action should be taken against those responsible if negligence or carelessness is proven,” Shah said in a statement.

The cause of the fire has not yet been determined. Police said a formal investigation would begin once firefighting operations were fully completed.

Officials briefed the chief minister that more than 1,200 shops were gutted in the fire, wiping out inventories and investments built over decades.

Firefighting operations managed to bring 60 to 70 percent of the blaze under control, while rescue and cooling operations continued well into Sunday. One firefighter was among the six who died.

Speaking to reporters later on Sunday, Shah provided new details on the scale and timeline of the emergency response, saying municipal authorities acted within minutes of receiving the alert.

“The first fire tender reached the site at 10:27 p.m. and firefighting operations began immediately,” the chief minister said, adding that at least 26 fire tenders, four snorkel vehicles and 10 water bowzers were deployed, with additional support provided by the Pakistan Navy and the Civil Aviation Authority.

Shah said preliminary information indicated that 58 to 60 people were initially reported missing after the blaze, though rescue and cooling operations were still underway and authorities were continuing to verify the figures. He added that the fire occurred during the peak wedding shopping season, compounding losses for traders and shoppers in the area.

He said the intensity of the blaze and limited access points inside the building made it difficult for firefighters to enter quickly, contributing to the scale of damage.

$10 MILLION LOSSES

The fire tragedy has also triggered urgent concern within Karachi’s business community.

The Karachi Chamber of Commerce and Industry (KCCI) announced the formation of a dedicated committee to coordinate relief efforts, document losses and press the government for compensation and rehabilitation of affected traders.

KCCI said preliminary assessments showed that over 1,000 small and medium-sized businesses had been completely destroyed, leaving many families without income. The chamber appealed to both provincial and federal authorities to announce a special compensation package, citing precedents such as the 2009 Bolton Market arson, after which funds were approved to rebuild fire-hit markets and compensate nearly 2,000 affectees.

Ateeq Mir, a traders’ representative, estimated that losses to businesses from the fire would be over $10 million. 

“There is no compensation for life but we will try our best that the small businessmen that have encountered losses here, we will try in a transparent manner … to compensate their losses,” Chief Minister Shah told reporters.

Separately, Prime Minister Shehbaz Sharif held a telephone conversation with Shah on Sunday evening, the premier’s office said, to offer full federal support to provincial authorities.

Sharif said a “coordinated and effective system is essential” to control fires quickly in densely populated urban areas and stressed the need for stronger preventive mechanisms to avert similar tragedies in the future. He said the federal government was prepared to work with provincial authorities to help establish an integrated fire-response and safety framework, adding that Islamabad stood with the affected families and the Sindh government during the crisis.

Battling large fires in Karachi’s dense commercial districts is notoriously difficult, reflecting a mix of urban congestion, weak regulation, and chronic enforcement failures. Many markets and plazas are built with narrow access points, encroachments and illegal extensions that block fire tenders and delay rescue operations, while buildings often lack functional fire exits, sprinklers or alarm systems. 

Although safety regulations exist on paper, inspections are sporadic, and penalties rarely enforced, allowing hazardous electrical wiring, overloaded circuits and flammable materials to go unchecked. In such tightly packed areas, fires can spread rapidly from shop to shop and floor to floor, leaving firefighters little room to maneuver and sharply increasing the risk to both occupants and emergency crews.