ICMAP proposes four-pillar crypto adoption framework and CBDC launch plan

KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMAP), through its Research and Publications Department, has unveiled a comprehensive policy proposal titled “ICMA Proposes Crypto Adoption Framework and CBDC Launch Plan to Government.”
This timely initiative introduces a Four-Pillar Framework for the responsible adoption of crypto currencies in Pakistan and outlines a strategic Central Bank Digital Currency (CBDC) Development and Regulatory Launch Plan. The proposal is intended for consideration by the Pakistan Crypto Council (PCC) and relevant policymakers, aiming to facilitate a secure and well-regulated digital financial ecosystem in the country.
In view of the rapidly evolving global landscape of digital finance and crypto investments, ICMAP’s proposal serves as a much-needed foundation for Pakistan’s policy direction. The Four-Pillar Framework focuses on key dimensions necessary for crypto integration, each supported by international case studies to guide implementation.
The first pillar emphasizes the creation of a clear regulatory framework. It highlights the need for robust, transparent, and internationally aligned regulations to support the development of a safe crypto environment. This includes full compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) measures, as well as lessons from other jurisdictions that have effectively implemented such frameworks.
The second pillar advocates for alignment with global crypto and blockchain standards. ICMAP stresses that Pakistan must actively engage with international standard-setting bodies and adopt best practices to ensure credibility and innovation. This involves the appropriate classification of digital assets, setting up effective controls for digital asset transactions, and encouraging blockchain innovation. The case study provided shows how a country successfully built a compliant yet dynamic crypto ecosystem by closely working with global organizations.
The third pillar calls for active industry-government collaboration to encourage responsible innovation while maintaining financial stability. ICMAP highlights that close coordination between regulators and industry stakeholders is essential to strike a balance between enabling innovation and safeguarding the economy. The included case study illustrates how a country effectively fostered such cooperation, promoting growth while ensuring regulatory oversight.
The fourth and final pillar underlines the importance of consumer protection and financial stability. ICMAP recommends clear and enforceable measures to ensure that consumers are protected from abuse and that markets operate with integrity. A case study demonstrates how another country implemented robust consumer safeguards in the crypto sector, ensuring both user confidence and market stability.
Complementing the crypto framework, ICMAP has proposed a structured Central Bank Digital Currency (CBDC) Development and Regulatory Launch Plan. Recognizing the need for a state-backed digital alternative to crypto currencies, this plan recommends that the State Bank of Pakistan introduce a CBDC to enhance regulatory control, reduce volatility, and expand financial inclusion. A government-issued CBDC would provide a stable digital option that supports innovation without compromising monetary sovereignty.
The proposal also reflects on global investment trends, noting that crypto currencies have attracted investors due to their higher returns compared to traditional stock markets and real interest rates. As more countries increase their exposure to digital assets, ICMAP believes Pakistan must take strategic steps to prepare for the financial future. The document also provides valuable insights into global developments in CBDC implementation, drawing lessons from countries at the forefront of digital currency adoption.
Through this initiative, ICMAP reaffirms its role as a leading policy advisor and thought leader in Pakistan’s financial landscape. The Institute remains committed to supporting policymakers in developing forward-looking, well-regulated frameworks that enable innovation, protect consumers, and preserve economic stability.
Copyright Business Recorder, 2025