Pakistan establishes a digital asset management agency to regulate the cryptocurrency industry

ChainCatcher news, according to Cointelegraph, the Ministry of Finance of Pakistan has approved the establishment of the Pakistan Digital Asset Authority (PDAA) as a regulatory body specifically for overseeing blockchain financial infrastructure. This agency will be responsible for regulating the licensing and operation of exchanges, custodians, wallets, tokenization platforms, stablecoins, and decentralized finance applications.

Pakistan's Minister of Finance and Revenue, Muhammad Aurangzeb, stated that the PDAA will be responsible for the tokenization of state-owned assets, government debt management, and utilizing Pakistan's surplus electricity through Bitcoin mining.