Government Establishes Digital Asset Authority to Oversee Growing Cryptocurrency Industry

Pakistan Unveils New Crypto Council for Blockchain and Digital Asset Regulation

Pakistan has taken a significant step towards regulating the growing cryptocurrency and blockchain industry in the country. The government has established a new council to oversee the development and regulation of digital assets, including cryptocurrencies, initial coin offerings (ICOs), and other blockchain-based projects.

The newly formed Pakistan Crypto Council (PCC) will be responsible for creating a framework for the regulation of digital assets, ensuring their safety and security, and promoting their development in the country. The council will also work to establish Pakistan as a hub for blockchain and cryptocurrency innovation in the region.

The PCC will be headed by the State Bank of Pakistan (SBP), the country's central bank, and will comprise representatives from various government agencies, including the Ministry of Finance, the Ministry of Information Technology, and the Securities and Exchange Commission of Pakistan (SECP).

The council's establishment comes in response to the growing popularity of cryptocurrencies in Pakistan, with many citizens investing in digital assets such as Bitcoin and Ethereum. However, the lack of a clear regulatory framework has raised concerns about the safety and security of these investments.

The PCC's mandate includes the development of guidelines and regulations for the issuance, trading, and custody of digital assets, as well as the establishment of a system for the reporting and monitoring of digital asset transactions.

The council's chairman, SBP Governor Reza Baqir, emphasized the importance of regulating the digital asset market to ensure its growth and stability. "The establishment of the Pakistan Crypto Council is a significant step towards creating a conducive environment for the development of the blockchain and digital asset industry in Pakistan," Baqir said.

The PCC's establishment is seen as a positive development for the Pakistani cryptocurrency market, which has been growing rapidly in recent years. The council's efforts are expected to increase confidence in the market, attract more investors, and promote the development of innovative blockchain-based projects in the country.