Pakistan Establishes Digital Asset Authority to Regulate Cryptocurrency

According to PANews, the Pakistani Ministry of Finance has announced the establishment of the Pakistan Digital Asset Authority (PDAA) to oversee the cryptocurrency and blockchain sectors. This new regulatory body will manage licensing and compliance for exchanges, custodians, stablecoins, and DeFi applications, aiming to create a regulatory framework aligned with FATF standards. Finance Minister and Chairman of the Pakistan Crypto Committee (PCC), Muhammad Aurangzeb, stated that the PDAA will work towards formalizing the country's $25 billion informal crypto market. The authority will also explore innovative applications such as the tokenization of national assets and the digitization of government debt. These new regulations will not only address crypto assets but also open new financial channels through tokenization and Web3 innovations. This move positions Pakistan alongside emerging markets like the UAE and Singapore, which have also established dedicated digital asset regulatory bodies.