Pakistan’s Ministry of Finance just gave the green light for a shiny new regulatory body, the Pakistan Digital Assets Authority (PDAA), to keep a watchful eye on the country’s blockchain-based financial playground.
According to a May 21 report from state broadcaster PTV, the PDAA will handle everything from licensing exchanges, custodians, wallets, and tokenized platforms to stablecoins and decentralized finance (DeFi) apps. The goal? To create a "future-ready framework" that not only protects consumers but also invites global investors to party in Pakistan’s digital financial revolution.
Muhammad Aurangzeb, the finance and revenue minister, didn’t mince words: “Pakistan must regulate not just to catch up, but to lead.” Bold words for a bold move.
But wait, there’s more! The PDAA will also tackle tokenizing national assets and government debt, help monetize Pakistan’s surplus electricity through regulated Bitcoin mining, and give startups a boost to build blockchain solutions at scale.
This move came recommended by the Pakistan Cryptocurrency Council, launched on March 14, which has Binance’s former CEO Changpeng Zhao on board as an adviser. Talk about heavy hitters backing this!
Bilal Bin Saqib, CEO of Pakistan’s Crypto Council, said it best:
“This isn’t just about crypto — it’s about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance, and Web3 innovation.”
Crypto Growth Rockets Despite Early Doubts
Some background drama: Pakistan’s Federal Investigation Agency had already proposed a digital asset regulatory framework focused on fighting terrorism financing, money laundering, and enforcing KYC rules back in April. And just last year, former finance minister Aisha Ghaus Pasha declared cryptocurrencies off-limits, worried they’d dodge global watchdogs like the Financial Action Task Force.
But fast forward to 2024, and Pakistan’s crypto scene is thriving. Chainalysis ranked Pakistan 9th globally in crypto adoption, thanks to strong retail use and centralized service transactions.
Statista calls Pakistan’s crypto market “experiencing rapid growth,” with over 27 million crypto users expected by 2025, that’s over 10% of the country’s 247 million population!
And the cash is flowing too. Pakistan’s crypto revenue is projected to hit a hefty $1.6 billion by 2025, while the U.S. still leads with a cool $9.4 billion in revenue.
So, Pakistan’s not just dipping its toes anymore, it’s diving headfirst into blockchain regulation and innovation, aiming to lead rather than lag in the digital finance race.
Jordan V.
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