The digital asset landscape in Pakistan is currently witnessing significant developments with the introduction of the "Virtual Assets Bill 2025" and the "Digital Nation Pakistan Act, 2025."
Virtual Assets Bill 2025:
* Tabled by Senator Dr. Afnan Ullah Khan, this bill aims to regulate the digital asset market, encompassing cryptocurrencies and blockchain technologies.
* A key proposal is the creation of a Digital Rupee, pegged to the Pakistani Rupee, under the oversight of the central bank (State Bank of Pakistan).
* The bill outlines plans for establishing Virtual Asset Zones to facilitate cryptocurrency trading and management, intending to ensure financial stability, protect investors, and combat illicit activities like money laundering and terrorism financing.
* It mandates compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, along with regular audits and reporting for entities in the virtual asset market.
* The bill proposes the creation of a National Virtual Assets Regulatory Commission to oversee the registration and licensing of Virtual Asset Zones, exchanges, and service providers.
* While the bill was initially met with some procedural hurdles in the Senate, it signifies a move towards recognizing and regulating digital assets in Pakistan.
Digital Nation Pakistan Act, 2025:
* This broader bill focuses on transforming Pakistan into a digital nation, fostering a digital society, economy, and governance.
* It emphasizes the development of digital public infrastructure and a data exchange layer to drive innovation, enhance public services, and safeguard citizen privacy.
* A cornerstone of this act is the National Digital Masterplan, which aims to align digital initiatives across different levels of government and promote economic growth through improved public service delivery.
* The act also prioritizes effective data governance to ensure secure and responsible data management.
These legislative efforts indicate a significant shift towards embracing and regulating digital assets and technologies in Pakistan. The "Virtual Assets Bill 2025" specifically addresses the cryptocurrency market, while the "Digital Nation Pakistan Act, 2025" lays the groundwork for a broader digital transformation of the nation. These developments could have far-reaching implications for the economy, governance, and society in Pakistan.