LAHORE: The Chief Executive Officer of Pakistan Furniture Council (PFC), Mian Kashif Ashfaq, stated  that the formation of a National Crypto Council (NCC) is essential for Pakistan to take advantage of the opportunities provided by digital currencies.

He expressed that by establishing a solid regulatory structure, raising awareness, and encouraging innovation, Pakistan can position itself as a progressive participant in the global digital economy.

Speaking to journalists, he mentioned, “This is the right moment to act, as the world rapidly transitions toward a decentralized financial future.”SECP takes notice of surrogate ads by crypto exchanges and betting platforms

He emphasized the importance of aligning the country with global trends in digital currencies and blockchain technology. With the world quickly adopting cryptocurrencies and decentralized financial systems, Pakistan risks lagging in this pivotal economic transformation. The NCC should function as a dedicated regulatory authority to provide the necessary framework to leverage the potential of digital currencies while minimizing associated risks.

Mian Kashif Ashfaq highlighted that the primary responsibility of the NCC should be to establish a comprehensive regulatory environment for cryptocurrencies. This involves defining legal frameworks, tax policies, and anti-money laundering (AML) measures to ensure transparency and security. By setting clear guidelines, the National Crypto Council should build trust among investors, businesses, and consumers, fostering innovation and the adoption of digital finance.

Additionally, it must play a key role in educating the public and relevant stakeholders about the advantages and risks of cryptocurrencies. Through effective awareness initiatives, Pakistan can counter misinformation and promote responsible usage of digital assets. This approach would also help address issues related to fraud, scams, and the volatility often associated with cryptocurrencies, he asserted.

Another essential responsibility of the NCC should be to collaborate with international regulatory agencies and organizations to stay updated on global best practices. This would allow Pakistan to integrate seamlessly into the global digital economy, attract foreign investments, and stimulate economic growth.

The CEO further stated that the regulatory body should also support the development of blockchain-based solutions for sectors like agriculture, healthcare, and supply chain management, enhancing efficiency and transparency.