Pakistan Establishes Digital Asset Regulatory Authority to Oversee Cryptocurrency

BlockBeats News, May 22nd, according to Cointelegraph, the Pakistan Ministry of Finance has approved the establishment of the Pakistan Digital Assets Authority (PDAA), which will comprehensively regulate cryptocurrency exchanges, custodial services, and wallet providers, asset tokenization platforms, stablecoins, DeFi applications, and blockchain-based financial infrastructure. The core functions of the Pakistan Digital Assets Authority (PDAA) include promoting energy monetization by regulating Bitcoin mining to utilize excess electricity; promoting the tokenization of government bonds and national assets; and supporting the scaling of Web3 startups.

The Pakistan Cryptocurrency Committee, established on March 14th (advised by former Binance CEO CZ), proposed the establishment of this digital assets authority. By 2025, Pakistan's crypto users are expected to exceed 27 million, out of a total population of 247 million.