Hajra Naz
In a first step to advancing local integration in the digital economy, Malaysia’s Foreign Minister Mohamad Bin Haji Hasan met with the Chief Executive Officer of the Pakistan Crypto Council Bilal Bin Saqib to discuss possible cooperation in
- Blockchain technology
- Digital assets
- Islamic finance.
Both Malaysia and Pakistan are looking towards establishing a Partnership in Digital Finance to synergize efforts in developing FATF-compliant, Shariah-aligned frameworks for digital assets. The partnership is expected to catalyze other member states of the Organization of Islamic Cooperation (OIC) to follow.
Bilal Bin Saqib remarked,
“Malaysia’s leadership in Islamic finance and Pakistan’s progress in crypto regulation form a natural alliance. We are all aware of the historic opportunity we currently have to set global standards for ethical innovation in digital finance, from halal stablecoins and tokenized sukuks to regulatory sandboxes for youth empowerment.”
Saqib announced that the Pakistan Crypto Council is leading the development of what is believed to be the first passportable regulatory framework for crypto specifically designed for emerging markets which will be the innovation and global compliance balance axis.
Both parties stated that they are aligned on the most important areas of cooperation to include:
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Regulatory coordination between financial authorities
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Cross-border talent development and Web3 education programs
The meeting marks a significant step forward in the economic and technological partnership of Pakistan and Malaysia which is underpinned by a shared vision to build Pakistan on the nurturing pillars of innovative finance, and collaborative growth strategies and diamond core values.
This comes with the announcement of the Pakistan Crypto Council inviting Binance’s founder Changpeng Zhao(CZ) to join his office as a strategic advisor, which increases international trust in Pakistan’s emerging position in the world of digital assets.
