Business Desk 
Jan 09, 2025
As the world is witnessing a boom in cryptocurrencies, Pakistan is bracing to rein in digital assets, including cryptocurrencies and blockchain-based technologies, by introducing a regulatory framework in the country.
Although a handful of renowned fashion brands have begun accepting cryptocurrencies as a viable payment option, Senator Dr Afnan Ullah Khan on Wednesday tabled the “Virtual Assets Bill 2025’, legislation seeking to regulate increasingly growing digital assets nationwide.
Citing a copy of the bill available to it, The News reported that the bill aims to pave the foundation for the creation of a Digital Rupee, whose value would be tied to the Pakistani Rupee (PKR), within the jurisdiction of the State Bank of Pakistan (SBP).
The Virtual Assets Bill 2025 is reportedly aimed at establishing a legal and regulatory framework applicable to the issuance, use, trading, and management of virtual assets within Pakistan.
The most notable point of the bill is the establishment of Virtual Asset Zones, designated areas for the trading and management of cryptocurrencies. These areas would help ensure financial stability, protect investors, and prevent illicit activities such as money laundering and terrorism financing.
Besides taking measures like regular audits and reporting for entities being traded in the virtual assets market to ensure transparency, the bill also obliges these zones to comply with stringent regulations for anti-money laundering (AML) and counterterrorism financing (CTF).
To oversee matters of the registration and licensing of Virtual Asset Zones, exchanges, and service providers across Pakistan, the bill also proposes to establish a National Virtual Assets Regulatory Commission. The commission will also keep a check on the issuance and maintenance of Pakistan Rupee-backed virtual assets and will enforce penalties for non-compliance.
