Source: Cointelegraph
Original: “Trump-backed World Liberty Financial partners with Pakistan Crypto Council”
The Trump-backed World Liberty Financial Group has signed a letter of intent with the Pakistan Crypto Council to accelerate the adoption of cryptocurrency technology in this South Asian country, one of the fastest-growing markets in the cryptocurrency industry.
According to local media Business Recorder on April 27, under this cooperation framework, World Liberty will assist the council in: launching a regulatory sandbox to test blockchain products, expanding the use of stablecoins in remittances and trade, exploring tokenization solutions for real-world assets, and promoting the development of DeFi protocols.
World Liberty founders Zach Witkoff, Zak Folkman, and Chase Herro recently met with Pakistan Crypto Council CEO Bilal bin Saqib to sign the letter of intent. Senior government officials, including the Governor of the State Bank of Pakistan, the Finance Minister, and the Minister of Information Technology, attended the signing ceremony.
Trump and his family provided support when the cryptocurrency lending platform launched last year and profited from revenue sharing.
The Pakistan Crypto Council, as a government-supported entity, is primarily responsible for regulating cryptocurrency-related policies and promoting the adoption of cryptocurrencies through various initiatives to attract more foreign investment. Blockchain analysis firm Chainalysis reported that Pakistan ranked ninth globally in cryptocurrency adoption last year, with approximately 25 million active users and an annual transaction volume of $300 billion.
The Finance Minister of Pakistan stated that about 60% of the country's population is under the age of 30 and plans to fully leverage this demographic advantage. "Our young population and tech industry are our most valuable assets. Through such collaborations, we are creating new opportunities for investment, innovation, and global leadership in the blockchain economy."
Pakistan seeks a balance between crypto innovation and regulation
The three founders of World Liberty recently met with the former CEO of Binance, who has been appointed as an advisor to the Pakistan Crypto Council and will assist the country in formulating cryptocurrency regulation and innovation policies.
On April 10, the Federal Investigation Agency (FIA) of Pakistan proposed a draft cryptocurrency regulatory framework focusing on counter-terrorism financing, money laundering activities, and customer identity verification (KYC) controls. The FIA director stated that the framework aims to achieve "a balance between technological advancement and national security needs."
The proposal needs to be approved by the legislative body and seeks input from cryptocurrency businesses operating in Pakistan, with phased implementation expected to begin in 2026. Pakistan's current open attitude towards cryptocurrencies sharply contrasts with May 2023, when the then-Finance Minister explicitly stated that the country would never legalize cryptocurrencies, citing the need to avoid the Financial Action Task Force (FATF) regulatory requirements.
Related: NYDIG: Bitcoin (BTC) demonstrates "store of value" properties amid Trump's policy chaos
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