Pakistan has decided to establish a new regulatory body named the Pakistan Digital Assets Authority (PDAA), with the Ministry of Finance formally approving its creation.
The Federal Ministry for Finance on Wednesday approved the establishment of a new regulatory body named the Pakistan Digital Assets Authority (PDAA) to regulate the local crypto market.
According to the 24NewsHD TV channel, this new institution will be fully responsible for regulating digital assets in the country and will also play a key role in positioning Pakistan as part of the global race in the digital economy.
The PDAA will supervise and license virtual assets, ensuring a structured and secure environment for digital transactions.
The Ministry of Finance stated that the $7.25 billion informal crypto market in Pakistan will now be brought under regulation through this authority.
Additionally, the tokenisation of national assets and government debts will also be made possible under the new framework.
The ministry added that surplus electricity could be utilised for Bitcoin mining, creating a regulated channel for such operations.
Opportunities in blockchain will also be made available for youth and startups, paving the way for innovation in the financial technology sector.
With this step, Pakistan aims to align itself with countries like Singapore, the UAE, and Japan, becoming a part of the elite group leading digital financial transformation.
The Ministry of Finance emphasised that the new authority will also help in achieving financial innovation, attracting investments, and gaining global trust.
Furthermore, the PDAA will operate in accordance with the requirements of the Financial Action Task Force (FATF), ensuring international compliance and oversight.
Reporter: Waqas Azeem