ISLAMABAD: PMLN’s Senator Dr. Afnan Ullah Khan has introduced a bill, the “Virtual Assets Bill 2025“, and the State Bank of Pakistan announced a policy proposals on Nov. 4 that, if accepted, would legalize digital assets such as cryptocurrencies, blockchain technology, and digital assets.
The main objective of this bill is to ensure that virtual assets are securely managed and utilized within Pakistan. While providing a secure and stable environment for investors. This will also pave the way for the launch of Pakistan’s own digital currency, further strengthening our economic position worldwide.
The proposals would still require approval, it could pave the way for both a central bank digital currency (CBDC) — ostensibly a government-issued digital rupee.
Specifically designated zones for cryptocurrency trading and management, ensuring compliance with strict anti money laundering (AML) and counter terrorism financing (CTF) regulations.
The bill aims to regulate the issuance, use, trading, and management of virtual assets within Pakistan. It proposes the establishment of virtual asset zones, backed by the Pakistan rupee, to ensure financial stability, protect investors, and prevent illegal activities, according to the bill.
The bill introduces a National Virtual Assets Regulatory Commission to manage virtual assets in Pakistan. The commission will register and license virtual asset zones, exchanges, and service providers. It will also oversee Pakistan Rupee-backed virtual assets, check transactions, and ensure rules for anti-money laundering (AML) and counter-terrorism financing (CTF) are followed. Penalties will be given for breaking these rules.
If the cryptocurrency bill gets approved, Pakistan could gain several advantages:
Financial Inclusion:
- More people, especially those without access to traditional banking, can participate in the financial system through virtual assets.
Economic Growth:
- Encouraging cryptocurrency and blockchain businesses could attract investments, boost startups, and create jobs.
Increased Revenue:
- Proper regulation can generate tax revenue from cryptocurrency exchanges, trading, and related services.
Investor Protection:
- Clear regulations ensure a safer environment for investors, reducing risks of fraud and scams.
Prevention of Illegal Activities:
- Strict AML and CTF rules can help prevent money laundering, terrorism financing, and other illegal uses of virtual assets.
Technological Advancement:
- Promoting blockchain technology could lead to innovation in various sectors, such as healthcare, supply chains, and finance.
Improved Global Standing:
- Regulating cryptocurrencies positions Pakistan as a forward-thinking country, attracting international partnerships and improving its image in the tech and financial world.
Stable Digital Economy:
- With government oversight, the digital asset market can operate more securely, promoting long-term financial stability.
Walii Bukhari[/caption]
