Pakistan is preparing to legalise cryptocurrency trading to attract international investment and boost its digital economy, Bloomberg reported.

The move comes after the recent appointment of Bilal Bin Saqib as the chief advisor to the finance minister on digital asset management.

Pakistan, the world’s fifth most populous country, has seen a surge in cryptocurrency adoption despite regulatory uncertainty and central bank warnings about its risks.

In an interview with Bloomberg TV, Pakistan Crypto Council CEO Bilal Bin Saqib stated that the government aims to introduce a comprehensive regulatory framework for digital assets to encourage investment and foster innovation.

"Pakistan is done sitting on the sidelines," said Saqib. "We want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30. We have a Web3 native workforce ready to build."

The country ranks ninth globally in terms of crypto adoption, according to blockchain analysis firm Chainalysis. Saqib estimated that 15 to 20 million Pakistanis are currently engaged in crypto trading, despite the absence of a formal regulatory framework.