Islamabad: The federal government has started reviewing proposals to introduce regulation of cryptocurrencies and blockchain technology in Pakistan, for which laws will be introduced soon.
The federal government will soon present the Virtual Assets Bill 2025 to formulate laws regarding cryptocurrencies and blockchain technology.
According to sources, Senator Dr. Afnanullah Khan of the ruling party Pakistan Muslim League (N) presented a private member’s bill named “Virtual Assets Bill 2025”.
According to the details, this proposed law will not only ensure the use, trade and regulation of cryptocurrencies and virtual assets, but will also introduce a digital currency backed by the Pakistani rupee, which will have legal status according to the rules of the State Bank.
The bill aims to legalize the issuance, trading, and use of virtual assets in Pakistan. Under this, “Virtual Asset Zones” will be established that will take necessary measures to ensure financial stability, protect investors, prevent illegal activities, and legalize digital rupees.
According to sources, the bill provides standards and guidelines for the registration and licensing of virtual currency exchanges, virtual asset providers, and virtual currency zones, in addition to making compliance with anti-money laundering and counter-terrorist financing laws mandatory.
The bill will implement a system of regular audits and reporting of all relevant institutions to ensure transparency in the virtual currency market, which will establish public confidence in the financial system. The bill also proposes to establish a “National Virtual Assets Regulatory Commission”.
The commission will review the benefits, risks, and vulnerabilities of virtual assets and develop a legal and regulatory framework for their management and regulation in the country. The commission will register and supervise virtual asset zones, currency exchanges, and virtual asset service providers. In addition, it will monitor and maintain the standards of virtual assets issued in Pakistan backed by rupees, and impose penalties in case of violations. This bill is a significant step towards modernizing Pakistan’s financial system and will pave the way for legalizing virtual currencies in the future.
