Pakistan's Bold Leap into Crypto: PDAA to Lead Digital Finance Revolution

Lawmakers Greenlight PDAA: A New Era for Digital Assets

Pakistani lawmakers are shaking things up, giving the green light to a new regulatory powerhouse, the Pakistan Digital Assets Authority (PDAA). This move is set to supercharge the country's blockchain and digital asset scene.

PDAA: The Watchdog with Teeth

The Ministry of Finance is all in, approving the PDAA to keep a sharp eye on everything from licensing to cutting-edge innovation in the digital asset world. That's according to a hot-off-the-press report from state-owned broadcaster PTV on May 21.

From Exchanges to DeFi: PDAA's Wide Net

This new authority isn't messing around. It'll be policing the whole shebang - crypto exchanges, custodians, digital wallets, tokenization services, stablecoins, and those wild decentralized finance protocols.

Finance Minister's Vision: Leading the Global Race

Finance Minister Muhammad Aurangzeb is dreaming big. He says the PDAA is the key to putting Pakistan at the front of the financial innovation race. He's not just looking to keep up; he wants Pakistan to lead. Aurangzeb's clear: it's about protecting consumers, pulling in global cash, and crafting a future-proof digital finance system.

PDAA's Ambitious Agenda

Forget just watching the market. The PDAA is diving into the deep end, planning to tokenize national assets and government debt, ramp up Bitcoin mining with that surplus electricity, and help local startups go big with blockchain solutions.

Powering Up: Electricity Pricing and Crypto Mining

Pakistan's Power Division has been busy since March, chatting up key players to nail down competitive electricity prices for new industries like digital assets, no handouts needed.

Power Minister Awais Leghari's been in talks with Bilal Bin Saqib, the big boss at the freshly minted Pakistan Crypto Council (PCC), figuring out how global crypto miners can tap into Pakistan's extra power.

From No-Go to Go-Getters: A Policy U-Turn

Just over two years ago, former minister Aisha Ghaus Pasha was all "no way" on legalizing crypto. Now, with the PDAA's launch, Pakistan's doing a complete 180 on its stance.

The State Bank of Pakistan used to be super cautious, warning folks off crypto and calling Bitcoin illegal. But by late 2024, they were singing a different tune, proposing changes to the SBP Act to get into the digital currency game and juggle both physical and digital cash.

Pakistan Crypto Council: Advising the Future

March 2025 saw the birth of the Pakistan Crypto Council under the Finance Division, aiming to steer the ship on digital asset policies. Bilal Bin Saqib wasn't holding back, saying Pakistan's done watching from the sidelines and is ready to lure in international investment with its low-cost, high-growth market and a web3-savvy workforce raring to go.

Binance's CZ Joins the Fray

The following month, things got even hotter when Binance founder Changpeng Zhao stepped in as Strategic Advisor after some high-level powwows in Islamabad with the Prime Minister, Finance Minister, and central bank honchos.

Pakistan's Crypto Boom: Top 10 in Adoption

Pakistan's not just talking the talk; they're walking it with an estimated 15 to 20 million crypto users, making them one of the top 10 countries globally for crypto adoption, according to Chainalysis.