Govt Setting Up PDAA to Regulate Digital Assets
Staff Report:
Islamabad: The government has decided to set up the Pakistan Digital Assets Authority (PDAA) to regulate digital assets and currencies in Pakistan.
Finance Ministry has said that it would introduce a comprehensive strategy aimed at regulating the digital currencies and assets to boost the growth of Pakistan’s virtual asset economy.
The objective is to comply the FATF guidelines for responsible adoption of digital assets in the country.crypto currency in pakistan
Muhammad Aurangzeb, Federal Minister for Finance and Revenue, Chairman of PCC said in a statement that Pakistan must create a framework to protect consumers, invite global investment and place Pakistan at the forefront of financial innovation.
The regulatory body will have a mandate to oversee licensing, compliance, and innovation within the digital asset ecosystem.
It will also work as a regulator to regulate exchanges, custodians, wallets, tokenized platforms, stablecoins, and DeFi applications.
All will be placed under a single, agile framework.
Other countries like the UAE, Japan, Singapore, and Hong Kong have already set up digital assets regulators and Pakistan is going to follow them in introducing digital assets.
Pakistan has been projected to have a $25B+ informal crypto market and body will not only regulate it but will enable tokenization of national assets and government debt.
It will also provide a legal clarity to global and local investors and facilitate monetization of Pakistan’s surplus electricity through regulated Bitcoin mining.
The regulator will also empower youth and startups to build blockchain-based solutions at scale. Pakistan has an aim of becoming a competitive player in the global digital economy.
Bilal Bin Saqib CEO of Pakistan Crypto Council said that this was not just about crypto but government was going to rewrite financial future.
