Source: Cointelegraph
Original: “Pakistan Establishes Digital Asset Authority to Regulate Cryptocurrency”
According to reports, the Ministry of Finance of Pakistan has approved the establishment of a dedicated agency to regulate the country's blockchain-based financial infrastructure.
As reported by the state broadcaster PTV on May 21, the Pakistan Digital Asset Authority (PDAA) will serve as a regulatory body responsible for overseeing licensing, regulating exchanges, custodians, wallets, tokenization platforms, stablecoins, and decentralized finance applications.
Muhammad Aurangzeb, Pakistan's Federal Minister for Finance and Revenue, told the broadcaster: "Pakistan must regulate, not just to keep up with the trend, but to be at the forefront of this industry."
He also stated: "Through the PDAA, we are creating a future-oriented framework that protects consumers, attracts global investment, and places Pakistan at the forefront of financial innovation."
The PDAA will also be responsible for tokenizing national assets and government debt, facilitating the monetization of Pakistan's surplus electricity through regulated Bitcoin (BTC) mining, and assisting startups in building blockchain-based solutions at scale.
This new regulatory body is part of a proposal put forward by Pakistan's advisory body—the Cryptocurrency Council. The council was established on March 14, with former Binance CEO Changpeng Zhao serving as an advisor.
Bilal Bin Saqib, CEO of the Pakistan Cryptocurrency Council, stated: "This is not just about cryptocurrency; it is about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance, and Web3 innovation."
According to a report by the local newspaper The Express Tribune on April 10, the Federal Bureau of Investigation of Pakistan had previously proposed a regulatory framework for digital assets aimed at addressing terrorism financing, money laundering provisions, and Know Your Customer (KYC) issues.
In May 2023, former State Minister for Finance and Revenue Aisha Ghaus Pasha stated that Pakistan would never legalize cryptocurrency, as digital assets could circumvent the regulations set by the Financial Action Task Force (FATF)—a supranational organization regulating financial money laundering.
However, by the following year, Pakistan ranked high in Chainalysis's 2024 Crypto Adoption Index, coming in ninth, largely due to strong adoption among retail users and trading on centralized services.
Meanwhile, the online data platform Statista shows that Pakistan's crypto market is "experiencing rapid growth," with the number of crypto users expected to exceed 27 million by 2025, against a total population of 247 million.
At the same time, the revenue of Pakistan's crypto market is expected to reach $1.6 billion by 2025. According to Statista, the United States remains in the lead, with its crypto market expected to generate over $9.4 billion in revenue.
Related: The GENIUS Act Provides Legitimacy for Global Institutions Adopting Stablecoins
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