To adhere to FATF, the government creates the Pakistan Digital Assets Authority.
The federal government stated Wednesday that it would establish a Pakistan Digital Assets Authority (PDAA) to regulate and expedite the Virtual Asset Economy in accordance with the Financial Action Task Force’s (FATF) safeguards.
In a statement, the Ministry of Finance announced that it was launching a comprehensive plan to control digital assets and boost the expansion of Pakistan’s virtual asset market.
The Pakistan Cryptocurrency Council’s (PCC) recommendations are the basis for the establishment of the authority.
“Pakistan needs to regulate in order to lead, not just catch up. Muhammad Aurangzeb, the PCC Chairman and Finance Minister, stated, “With the PDAA, we are building a future-ready framework that safeguards consumers, attracts international investment, and positions Pakistan at the forefront of financial innovation.”
According to him, the PDAA will be in charge of overseeing licensing, making sure that regulations are followed, and encouraging creativity in the field of digital assets. Under a single, adaptable regulatory framework, it will control essential ecosystem elements including as exchanges, custodians, digital wallets, tokenised platforms, stablecoins, and decentralised finance (DeFi) applications.
The PDAA seeks to regulate Pakistan’s unregulated cryptocurrency market, which is worth an estimated $25 billion. Additionally, it aims to give domestic and foreign investors legal clarity, facilitate the tokenisation of public debt and national assets, and help monetise excess electricity through regulated Bitcoin mining activities.
It is also anticipated that the Authority will enable startups and youth to create extensive blockchain solutions. By creating the PDAA, Pakistan is establishing itself as a major player in the global digital economy, promoting responsible innovation and gaining the trust of foreign stakeholders, investors, and entrepreneurs.
“This is not just about crypto — it’s about rewriting our financial future, expanding access, and creating new export channels through tokenisation, digital finance, and Web3 innovation,” said Bilal Bin Saqib, CEO of Pakistan Crypto Council.
