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Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up

Former Binance CEO Changpeng “CZ” Zhao has been appointed as an adviser to Pakistan’s Crypto Council, a newly formed regulatory body tasked with overseeing the country’s embrace of blockchain technology and digital assets. 

The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7. Zhao will advise the regulatory body on cryptocurrency regulation, infrastructure and adoption, Bloomberg reported.

Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up

CZ is seen signing documents during his appointment by Pakistan’s Ministry of Finance. Source: Business Recorder

Zhao is one of the most recognizable names in crypto, having served as CEO of Binance between 2017 and 2023. He resigned as CEO of the exchange in November 2023 after pleading guilty to charges related to violating US money laundering laws. He was later sentenced to four months in prison. 

For Pakistan, Zhao is a high-profile appointment that could potentially help the country lure foreign investment in an industry that has taken on new strategic importance.

In March, the CEO of Pakistan’s Crypto Council, Bilal bin Saqib, told Bloomberg that the country plans to develop a clear regulatory framework for digital assets.

“Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with […] a Web3 native workforce ready to build.”

Related: Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Crypto in Pakistan: Adoption and pain-points

Pakistan has long been considered a potential hub for crypto adoption due to its growing population, large diaspora and thriving black market for foreign exchange trades. 

The value of cash sent to Pakistan through formal remittance channels surged at the end of last year amid a countrywide crackdown on black market dollar trades.

“This increase might be because remittances that had previously been sent using the black market are now being sent via official channels,” John Ashbourne, an economist at Fitch Solutions, told Bloomberg

Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, largely due to strong retail adoption and transactions at centralized services.

Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up

In 2024, Pakistan ranked ninth among Central and Southern Asia and Oceania (CSAO) countries. Source: Chainalysis

Stablecoins have emerged as one of crypto’s most prominent use cases in regions with high demand for US dollars due to currency depreciation.

Although data on stablecoin usage in Pakistan is slim, a 2023 KuCoin survey revealed that 33% of local crypto investors use digital assets to hedge against the rupee’s devaluation. 

A more recent survey conducted by Bitget found that 46% of respondents in South Asia — a region that includes India, Pakistan, Bangladesh and others — use digital assets for speed and accessibility of transactions. 

Magazine: How crypto laws are changing across the world in 2025

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Ex-minister Tulip Siddiq set to face corruption trial in Bangladesh

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Ex-minister Tulip Siddiq set to face corruption trial in Bangladesh

Former anti-corruption minister Tulip Siddiq is set to face trial later this month over corruption allegations in Bangladesh.

Ms Siddiq resigned from her ministerial role earlier this year over accusations she illegally received a plot of land in a new high-end development on the outskirts of Dhaka, Bangladesh’s capital, from her aunt, Sheikh Hasina, who was ousted as prime minister last year.

Bangladesh’s Anti-Corruption Commission (ACC) claims the Labour MP received a 7,200sq ft plot in the diplomatic zone through “abuse of power and influence”.

The ACC confirmed Ms Siddiq’s case is due to be heard in Bangladesh on 11 August.

A top official at the Commission told Sky News that if the Labour MP refuses to attend court on this date, a trial will be held in her absence.

It is understood she will not be present.

Ms Siddiq’s lawyers have denied the allegations against her.

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Tulip Siddiq with Sheikh Hasina in 2009. Pic: Reuters
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Tulip Siddiq with Sheikh Hasina in 2009. Pic: Reuters

Sky News understands an article published on Thursday morning saying the Labour MP for Hampstead and Highgate will face trial in Bangladesh over the allegations is the first Ms Siddiq had heard of the court date.

A source close to Ms Siddiq told Sky News her lawyer was in court every day last week to request information, but was denied it.

An ACC official said Ms Siddiq’s lawyer “was absent in the court” when the court order was issued on Thursday.

They added that the order relates to three cases involving Ms Siddiq and others – all regarding corruption around the Purbachal new town project.

The Commission will continue to take steps “to ensure justice against the perpetrators”, the official said.

Ms Siddiq’s lawyer said: “For nearly a year now, the Bangladesh authorities have been making false allegations against Tulip Siddiq.

“Ms Siddiq has not been contacted or received any official communication from the court and does not and has never owned any plot of land in Purbachal.

“This longstanding politically motivated smear campaign has included repeated briefings to the media, a refusal to respond to formal legal correspondence, and a failure to seek any meeting with or question Ms Siddiq during the recent visit by the Anti-Corruption Commission (ACC) to the United Kingdom.

“Such conduct is wholly incompatible with the standards of a fair, lawful, and credible investigation.

“In light of these facts, it is now time for the Chief Adviser and the ACC to end this baseless and defamatory effort to damage Ms Siddiq’s reputation and obstruct her work in public service.”

Read more:
Bangladesh issues arrest warrant for Tulip Siddiq – as she denies claims
Tulip Siddiq: ‘My lawyers are ready’ for questions about corruption claims

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‘Leave me alone’: MP tells Bangladeshi authorities

In June, Ms Siddiq accused Bangladesh’s interim leader, Nobel Prize-winning economist Professor Muhammad Yunus, of conducting an “orchestrated campaign” to damage her reputation and “interfere with UK politics”.

In a legal letter seen by Sky News in June, the MP also said comments made by Professor Yunus in a Sky News interview have prejudiced her right to a fair investigation, meaning the corruption inquiries should be dropped.

The interim leader, who took over after Ms Hasina was ousted last year following violent protests, said Ms Siddiq “has so many (sic) wealth left behind here” and “should be made responsible”.

Sheikh Hasina pictured in 2023.
Pic: AP/ Yomiuri Shimbun
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Sheikh Hasina fled Bangladesh after being accused of rigging elections and interfering with the judicial system. Pic: AP/ Yomiuri Shimbun

Professor Yunus’ press secretary said he and the ACC “has no reason and scope to interfere in UK politics”.

“The Anti-Corruption Commission relies not on hearsay but on documentary evidence and witness testimony,” they said.

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Andreessen Horowitz warns of loopholes in draft US crypto rules

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Andreessen Horowitz warns of loopholes in draft US crypto rules

Andreessen Horowitz warns of loopholes in draft US crypto rules

Andreessen Horowitz urged the US Senate Banking Committee to scrap the “ancillary asset” concept in draft crypto legislation, warning of loopholes.

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Salvadoran President Nayib Bukele can now run for election indefinitely

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Salvadoran President Nayib Bukele can now run for election indefinitely

Salvadoran President Nayib Bukele can now run for election indefinitely

El Salvador approved indefinite reelection for president and extended terms to six years, sparking backlash from critics warning of increasing authoritarianism.

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