By Staff Reporter
ISLAMABAD: Changpeng Zhao, the billionaire founder of Binance Holdings Ltd., will advise Pakistan’s government on building a regulatory framework for cryptocurrencies as the cash-strapped nation seeks to attract foreign investment and position itself as a hub for blockchain innovation.
The Finance Ministry confirmed Zhao’s appointment as strategic adviser to the Pakistan Crypto Council (PCC) on Monday, following meetings in Islamabad with Prime Minister Shehbaz Sharif, Deputy PM Ishaq Dar, and Finance Minister Muhammad Aurangzeb, who chairs the PCC.
The council, established last month, aims to draft rules for digital asset trading and Web3 adoption despite the State Bank of Pakistan’s 2021 ban on licensed entities dealing in virtual currencies.
“Changpeng Zhao — visionary founder of Binance and one of the most influential figures in Web3 — has officially been appointed as a Strategic Advisor to the Pakistan Crypto Council (PCC),” the ministry said in a statement.
The move signals Pakistan’s willingness to embrace Zhao’s industry clout even as he faces scrutiny over his leadership of Binance, which agreed to a $4.3 billion settlement with U.S. authorities in 2023 for anti-money laundering and sanctions violations. Zhao, who pleaded guilty to related charges and stepped down as CEO, retains a majority stake in the exchange and a net worth of $66.6 billion, according to Forbes.
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.
“This is a landmark moment for Pakistan, we are sending a clear message to the world: Pakistan is open for innovation,” minister Aurangzeb was quoted as saying in the statement. “With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”
Bilal Bin Saqib, CEO of the PCC said Pakistan is opening its doors to the future of finance. “And who better to guide us on this journey than CZ — a pioneer who built the world’s largest crypto exchange and changed the way billions think about financial freedom.”
As strategic adviser to the council, Zhao will provide guidance on regulation, infrastructure, education, and adoption and work closely with the government of Pakistan and the private sector to create a “compliant, inclusive, and globally competitive crypto ecosystem,” the finance ministry said.
“Pakistan is a country of 240 million people, over 60 percent of whom are under the age of 30. The potential here is limitless,” Zhao was quoted as saying in the statement.
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