in a significant move towards embracing the digital economy, Pakistan is on the verge of regulating cryptocurrencies through the proposed **Virtual Assets Bill 2025**.ntroduced by Senator Dr. Afnan Ullah Khan, this groundbreaking legislation aims to establish a comprehensive framework for virtual assets, including cryptocurrencies and blockchain technologies, within the country.
Key Highlights of the Virtual Assets Bill 2025:
- **Introduction of the Digital Rupee:** he bill proposes the creation of a Digital Rupee, a virtual currency backed by the Pakistani Rupee (PKR) and regulated by the State Bank of Pakistan. This initiative seeks to modernize the financial landscape by integrating digital currencies into the mainstream economy.
- **Establishment of Virtual Asset Zones:** o foster innovation and growth in the digital asset sector, the bill suggests the creation of designated Virtual Asset Zones. These zones will serve as hubs for cryptocurrency trading and management, operating under strict anti-money laundering (AML) and counter-terrorism financing (CTF) regulations to ensure financial stability and investor protection.
- **Formation of the National Virtual Assets Regulatory Commission:** central feature of the bill is the establishment of a regulatory body responsible for overseeing the registration and licensing of virtual asset exchanges and service providers. This commission will also monitor the issuance and maintenance of the Digital Rupee, conduct audits, and enforce compliance with AML and CTF regulations.
his legislative move comes at a time when the global cryptocurrency market is experiencing heightened volatility.ecently, cryptocurrency prices saw a sharp decline as fears of a trade war rattled investors, leading to a broader selloff across financial markets.itcoin, for instance, dropped to a three-week low, trading at approximately Rs26.92 million in Pakistani Rupees on February 3, 2025.
he introduction of the Virtual Assets Bill 2025 signifies Pakistan's proactive approach to integrating digital assets into its financial system while ensuring robust regulatory oversight.y establishing a legal framework for virtual assets, the country aims to harness the benefits of blockchain technology, promote financial inclusion, and prevent illicit activities such as money laundering and terrorism financing.
s the bill undergoes deliberation in the Senate, stakeholders within Pakistan's financial and technological sectors are closely monitoring its progress, recognizing its potential to reshape the nation's economic landscape.
**Stay tuned for more updates on Pakistan's journey into the digital asset realm!**
