January 09, 2025- A significant step towards regulating the burgeoning digital assets sector in Pakistan was taken yesterday with the introduction of the Virtual Assets Bill 2025 in the Senate. This bill aims to establish a comprehensive regulatory framework for the country’s fast-evolving digital economy.
Dr. Afnan Ullah Khan, a member of the ruling party, presented the bill, which focuses on cryptocurrencies, blockchain technologies, and other digital assets. The legislation is seen as a pivotal move to support innovation in the digital sector while ensuring secure and regulated development within the national economy.
The Virtual Assets Bill 2025 marks a transformative approach to formally regulate and promote Pakistan’s digital economy. As outlined in the bill, one of its primary objectives is to lay the groundwork for the creation of a digital rupee, under the supervision of the central bank, to be used as an official currency.
The legislation seeks to regulate the issuance, trading, and utilization of virtual assets in Pakistan, while ensuring these activities are supported by the Pakistani rupee. It proposes the establishment of dedicated virtual asset zones, which will help maintain financial stability, protect investors, and combat illegal activities.
Additionally, the bill sets the stage for the digital rupee to be recognized as legal tender, providing a clear legal framework for its use. The bill also outlines detailed guidelines for the registration and licensing of virtual currency exchanges, virtual asset providers, and other related entities.
To further safeguard investors, the bill includes measures to prevent illegal activities such as money laundering and terrorist financing, making compliance with these regulations mandatory.
By implementing these regulations, the bill aims to foster a secure environment for the growth of digital assets in Pakistan, ensuring that both investors and the broader economy are protected.
In cases where challenges arise in implementing the provisions of the bill, the Federal Government is authorized to make necessary adjustments within two years of the law’s enactment. These changes, as per the bill, will ensure smooth execution while remaining consistent with the law’s objectives.
