January 09, 2025 (MLN): In a groundbreaking move, the "Virtual Assets Bill 2025" has been introduced, aiming to establish a regulatory framework for the country's rapidly growing digital assets market.

The bill, presented by Dr. Afnan Ullah Khan, a Senator from Pakistan's ruling party focuses on cryptocurrencies, blockchain technologies, and other virtual assets, signaling a significant shift toward embracing innovation and ensuring secure development in the digital economy.

It was presented in the Pakistan's Senate yesterday.

The bill represents a revolutionary step toward formalizing and regulating the country's digital economy.

According to a copy of the bill available to Mettis Global, the primary goal of this legislation is to lay the foundation for the creation of a digital rupee, governed under the regulations of the central bank.

The purpose of bringing this bill is to regulate the issuance, use, trading, and utilization of virtual assets within Pakistan, backed by the Pakistan rupee, setting up virtual asset zones, which would ensure financial stability, protect investors, and prevent illegal activities, the bill reads.

The bill further stated that it also aims to establish the legal framework for the digital rupee to be recognized as authorized legal tender.

It also provides substantial guidelines and standards for the registration and licensing of virtual currency zones, virtual currency exchanges, and virtual asset providers, the bill also stated

The bill also aims to safeguard investors while preventing illegal activities such as money laundering and terrorism financing regulations have also been made obligatory under this Act.

By setting up proper regulations, the bill strives to create a secure environment for the growth of digital assets in Pakistan while protecting both investors and the national economy.

If any difficulty arises in giving effect to the provisions of this Act, the Federal Government may, within two years of the commencement of this act and by order published in the official gazette, make such provisions not inconsistent with the provisions of the act, the bill reads.

These provisions may appear to be necessary for removing the difficulty, it added.

Copyright Mettis Link News

Posted on: 2025-01-09T12:31:18+05:00