🇵🇰Pakistan officially enters the digital assets era: Establishment of a regulatory body to manage a $25 billion market
In a bold move reflecting a strategic shift towards the digital future, the Pakistani Ministry of Finance announced the establishment of the "Pakistan Digital Assets Authority (PDAA)", the first official entity of its kind in the country to regulate the cryptocurrency and blockchain sector. The new authority will be responsible for regulating digital platforms, wallets, stablecoins, and decentralized finance (DeFi) applications, within a framework that aligns with the standards of the Financial Action Task Force (FATF). According to the Minister of Finance and Chairman of the Pakistani Cryptocurrency Committee, Muhammad Aurangzeb, the authority will focus on regulating the massive informal cryptocurrency market, which is currently valued at approximately $25 billion, alongside exploring opportunities to convert national assets into digital tokens (Tokenization) and digitizing government debts, which opens new horizons for the Pakistani economy.
This step not only regulates digital transactions but also paves the way for a radical transformation in the traditional financial system through Web 3.0 technologies and digital innovations. In this way, Pakistan positions itself on the global map alongside leading countries like the UAE and Singapore in the field of digital assets.