LUMS Launches CeDAR to Drive Blockchain and Web 3.0 Innovation in Pakistan

The Center for Digital Assets Research (CeDAR) at LUMS was officially launched on April 24, marking a transformative step for Pakistan’s blockchain and digital assets ecosystem. The Center aims to be a hub of excellence in research, training, development and innovation in the areas of decentralised internet, Web 3.0, and digital asset technologies. It is supported by a generous grant from the Stacks Foundation, the main product of which is a Web 3.0 platform that enables smart contracts on Bitcoin, the largest digital asset globally. Stacks was co-founded by a distinguished LUMS alumnus, Dr. Muneeb Ali (BSc Computer Science ‘03) who is recognised as one of the global pioneers in such technologies.

Pakistan is one of the top ten countries with the highest adoption of digital assets but lacks a regulatory framework. The Government of Pakistan has recently announced the intent to regulate technology to support the ecosystem and has set up a Pakistan Crypto Council. As an emerging institution, the Center will provide a place for policy research and training, incubation and testing of technologies, and collaboration opportunities for technology students, entrepreneurs, industry, and the government.

To mark its official launch, CeDAR hosted an international conference at LUMS to enable connection, knowledge transfer, and collaboration between global experts in the Web 3.0 ecosystem and the regulatory and governmental organisations in Pakistan. The CEOs and senior management of leading global companies such as Zodia Markets (based in the UK and UAE, and owned by Standard Chartered Bank), Haruko (based in the UK and Singapore), Scope Markets (UK), Klickl (UAE), Dragonstone Capital (China), Binance, Fasset (UAE), attended the event, along with leading domestic fintech companies and Venture Capital funds such as Abhi Bank, KTrade, TPL, Brillianz Group, Alfalah Investments, Zayn VC, and NayaPay.

“LUMS has always been a hub of cutting-edge research and innovations, and I am proud to have a long association with the Syed Babar Ali School of Science and Engineering. Crypto networks are likely the biggest tech resolution since the internet itself. This new collaboration on crypto not just strengthens my association with LUMS but can prepare the next generation of engineers and entrepreneurs to architect the next generation of the internet by leveraging the blockchain technology”, said Dr. Muneeb Ali. The event highlighted the importance of industry-government collaboration to accelerate blockchain adoption and enhance financial inclusion in Pakistan.

The conference facilitated roundtable conversations with leaders from key domestic stakeholders such as the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), and the Pakistan Banking Council.

The event covered key topics such as ways to ensure compliance and regulation for the industry, the utilisation of excess energy for digital asset mining, how digital assets fit in for investment allocation, and how Pakistan can best develop a technical workforce for such technologies.

With CeDAR now operational, LUMS is positioned as a leading hub for blockchain education and research, offering immense opportunities for innovation and development in Pakistan’s tech sector.