Pakistan to Launch Digital Assets Authority in Push Toward Blockchain Regulation

Pakistan Ministry of Finance has backed the formation of a new regulatory body focused on blockchain-based financial infrastructure. The Pakistan Digital Assets Authority (PDAA) will oversee the development and regulation of cryptocurrencies, tokenized platforms, decentralized finance (DeFi), and related services in the country, according to a May 21 report from the state broadcaster PTV. Finance Minister Muhammad Aurangzeb emphasized the urgency and ambition behind the move , stating, “Pakistan must regulate not just to catch up, but to lead.” He added that the PDAA will be “a future-ready framework that protects consumers, invites global investment, and puts [the country] at the forefront of financial innovation.” The PDAA’s role will extend beyond crypto trading regulation. It will also be responsible for tokenizing national assets, managing government debt through blockchain, enabling regulated Bitcoin mining to monetize surplus electricity, and supporting local startups developing Web3-based solutions. Pakistan Making Strategic Policy Shift The creation of the PDAA marks a major policy shift for Pakistan, where the stance on cryptocurrencies had once been skeptical. In May 2023, then Minister of State for Finance Aisha Ghaus Pasha had firmly declared that the country would never legalize digital assets, citing concerns about money laundering and the potential to circumvent financial controls imposed by the Financial Action Task Force (FATF). However, a surge in grassroots adoption and increasing interest in blockchain innovation appears to have altered the narrative. In 2024, Pakistan ranked ninth globally on Chainalysis’ crypto adoption index, highlighting strong retail engagement and a growing ecosystem around centralized crypto services. According to Statista, Pakistan’s crypto market is rapidly expanding, with the number of users projected to exceed 27 million by 2025. The market’s revenue is expected to reach $1.6 billion, a notable rise for a country with limited prior exposure to regulated digital finance. While still trailing far behind the United States, which projects over $9.4 billion in revenue, Pakistan’s growth trajectory has caught global attention . A Vision for Economic Transformation Bilal Bin Saqib, CEO of Pakistan Crypto Council, hailed the PDAA initiative as more than just a crypto regulation move. “This is about rewriting our financial future,” he said, “expanding access and creating new export channels through tokenization, digital finance, and Web3 innovation.” With former Binance CEO Changpeng Zhao advising the government-backed Cryptocurrency Council , Pakistan’s pivot toward blockchain regulation could well place it on the global fintech map — not just as a fast follower, but as a proactive player shaping the future of digital finance. The post Pakistan to Launch Digital Assets Authority in Push Toward Blockchain Regulation appeared first on TheCoinrise.com .

Source: The Coin Rise