Bilal Bin Saqib, Pakistan’s Minister of State for Crypto and Blockchain, met with New York City Mayor Eric Adams during an official visit aimed at advancing bilateral collaboration in the digital asset space.
According to a statement released Friday by Pakistan’s Ministry of Finance, the meeting marked a significant milestone in fostering direct collaboration between the New York Crypto Council and the Pakistan Crypto Council. Both the government-sponsored institutions aimed at developing the future of Web3 technologies.
Both jurisdictions have shown a collective desire for responsible development of the digital economy by creating specialized crypto councils. These organizations have been entrusted with the role of fostering innovation, regulatory environment, and sustainable development in the blockchain and virtual assets sectors.
In their conversation, Minister Saqib and Mayor Adams discussed possibilities for launching knowledge exchange platforms, capacity building programs, and strategic advisory collaborations. The initiative seeks to stimulate innovation while remaining compliant with regulatory requirements.
In the meantime, the Pakistan Crypto Council examined current processes in the finalization of a regulatory framework to cover digital and virtual assets comprehensively. In the process, the Ministry of Law and Justice offered a draft legislative proposal that was prepared in consultation with close convergence from the Council, industry players, as well as technical experts.
The draft legislation calls for an organized regulatory landscape, such as governance procedures, licensing regimes, and investor protection rules. In line with international good practices, the draft law aims to make Pakistan a forward-thinking and active player in the global ecosystem of digital assets.
