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The Donald Trump-backed World Liberty Financial has signed a Letter of Intent with the Pakistan Crypto Council to accelerate crypto adoption in the South Asian country and one of the industry’s fastest-growing markets.

Under the partnership, World Liberty will help the Council launch regulatory sandboxes to test blockchain-based products, expand stablecoin applications for remittances and trade, explore real-world asset tokenization, and assist with the growth of decentralized finance protocols, local news outlet Business Recorder reported on April 27.

World Liberty founders Zach Witkoff, Zak Folkman and Chase Herro signed the letter in a recent meeting with the Council’s CEO Bilal bin Saqib, with Pakistan’s central bank governor, finance minister and IT secretary among those in attendance.

Trump and his family backed World Liberty at the crypto lending and borrowing platform’s launch last year and they receive a cut of its profits.

The Pakistan Crypto Council is a government-backed body that oversees crypto regulation and related initiatives aimed at driving adoption and attracting more foreign investment.

Blockchain analytics firm Chainalysis ranked Pakistan ninth for crypto adoption last year, with an estimated 25 million active crypto users and $300 billion in annual crypto transactions. 

Pakistan is looking to capitalize on its young population, where roughly 60% are under 30, Finance Minister Muhammad Aurangzeb said.

“Pakistan’s youth and technology sector are our greatest assets. Through partnerships like this, we are opening new doors for investment, innovation, and global leadership in the blockchain economy.”

Pakistan looks to balance pro-crypto innovation with regulation

The three World Liberty founders recently met with former Binance CEO Changpeng Zhao, who was recently appointed as an adviser to the Pakistan Crypto Council to assist the country on crypto regulation and innovation.

Pakistan’s Federal Investigation Agency also proposed a crypto regulatory framework on April 10, which looks to address terrorism financing, money laundering, and Know Your Customer controls.

Related: Pakistan Crypto Council proposes using excess energy for BTC mining

FIA Director Sumera Azam said the framework is part of a broader effort to strike a “balance between technological advancement and national security imperatives.”

The proposed framework is subject to legislative approval and input from crypto firms operating in the country, with an expected multi-phased rollout beginning in 2026.

Pakistan’s new crypto-friendly approach contrasts sharply with its stance in May 2023, when former finance minister Aisha Ghaus Pasha stated the country would never legalize cryptocurrencies due to concerns over bypassing Financial Action Task Force regulations.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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