#Breaking 🚨:Pakistan launches Pakistan Crypto Council
Pakistan has taken a significant step towards regulating its digital assets sector with the launch of the Pakistan Crypto Council. This move is part of a broader effort to establish a comprehensive regulatory framework for cryptocurrencies and blockchain technologies in the country. The council's establishment is expected to foster innovation, protect investors, and combat illegal activities such as money laundering and terrorist financing ¹.
The Pakistan Crypto Council is likely to work in tandem with the proposed Virtual Assets Bill 2025, which aims to regulate the issuance, trading, and utilization of virtual assets in Pakistan. The bill also proposes the establishment of dedicated virtual asset zones, which will provide tax incentives and reduced operational costs to businesses operating within these zones ² ³.
Furthermore, Pakistan's central bank, the State Bank of Pakistan, has signed new laws to expedite the launch of a central bank digital currency (CBDC) by 2025. This move is expected to enhance the country's financial inclusion and competitiveness in the global digital economy