{"id":129763,"date":"2025-05-22T06:16:07","date_gmt":"2025-05-22T06:16:07","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129763"},"modified":"2025-05-22T06:16:07","modified_gmt":"2025-05-22T06:16:07","slug":"pakistan-creates-digital-asset-authority-to-regulate-crypto","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129763","title":{"rendered":"Pakistan creates Digital Asset Authority to regulate crypto"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsPakistan\u2019s Ministry of Finance has reportedly endorsed the creation of a dedicated body to regulate blockchain-based financial infrastructure in the country.<br \/>\nThe Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing, regulate exchanges, custodians, wallets, tokenized platforms, stablecoins and decentralized finance applications, according to a May 21 report from the state-owned broadcaster, PTV.<br \/>\nMuhammad Aurangzeb, federal minister for finance and revenue, told the broadcaster, \u201cPakistan must regulate not just to catch up,\u00a0but to lead\u201d in the industry.<br \/>\n\u201cWith the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation,\u201d he said.<br \/>\nMuhammad Aurangzeb, Pakistan\u2019s Federal Minister for Finance and Revenue. Source: Pakistan Ministry of FinanceThe PDAA will also be tasked with tokenizing national assets and government debt, facilitating monetization of Pakistan\u2019s surplus electricity through regulated Bitcoin mining, and helping startups build blockchain-based solutions at scale.<br \/>\nThe new regulatory body was part of a recommendation from the Pak\u00adistan advisory body, the Cryptocurrency Cou\u00adncil, which was launched on March 14 and has former Binance CEO Changpeng Zhao as an adviser.<br \/>\n\u201cThis is not just about crypto \u2014 it\u2019s about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance and Web3 innovation,\u201d said Bilal Bin Saqib, CEO of Pakistan&#8217;s Crypto Council.<br \/>\nPakistan\u2019s Federal Investigation Agency previously proposed a regulatory framework for digital assets designed to address terrorism financing, money laundering provisions, and Know Your Customer concerns, according to am April 10 report from local newspaper, The Express Tribune.<br \/>\nPakistan crypto market rises despite early skepticism\u00a0\u00a0<br \/>\nIn May 2023, former Minister of State for Finance and Revenue Aisha Ghaus Pasha said that Pakistan would never legalize cryptocurrencies due to the potential for digital assets to circumvent regulations created by the Financial Action Task Force, the supranational organization that polices finance for money laundering.\u00a0<br \/>\nRelated: Pakistan Crypto Council proposes using excess energy for BTC mining<br \/>\nHowever, the following year, Pakistan ranked highly in Chainalysis\u2019 2024 crypto adoption index, coming in ninth, mainly due to strong retail adoption and transactions at centralized services.<br \/>\nPakistan ranked highly in Chainalysis\u2019 2024 crypto adoption index, coming in 9th. Source: ChainalysisMeanwhile, the online data platform Statista shows Pakistan\u2019s crypto market is \u201cexperiencing rapid growth\u201d and estimates the number of crypto users is expected to amount to over 27 million by 2025, out of a population of 247 million.<br \/>\nAt the same time, revenue in the Pakistan crypto market is projected to reach $1.6 billion in 2025. The United States still leads the pack, with its crypto market generated an estimated revenue of over $9.4 billion, according to Statista data.\u00a0<br \/>\nMagazine: How crypto laws are changing across the world in 2025<a href=\"https:\/\/cointelegraph.com\/news\/pakistan-digital-asset-authority-regulate-crypto?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsPakistan\u2019s Ministry of Finance has reportedly endorsed the creation of a dedicated body to regulate blockchain-based financial infrastructure in the country. The Pakistan Digital Assets Authority (PDAA) will&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129763"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129763"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129763\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129763"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}