Govt sets up digital assets authority as per FATF requirement

The government on Wednesday announced establishing a Pakistan Digital Assets Authority (PDAA) to regulate and accelerate the Virtual Asset Economy comp­liant with the Fina­ncial Action Task Force (FATF) safeguards. In a statement, the Ministry of Finance said it was initiating a comprehensive strategy to regulate digital assets and accelerate the growth of Pakistan’s virtual asset economy. On the recommendations of the Pak­istan Cryptocurrency Cou­ncil (PCC), a dedicated body, ‘Pakistan Digital Assets Authority’, would regulate blockchain-based financial infrastructure to ensure the FATF-comp­liant innovation, economic inclusion, and responsible adoption of digital assets, it said.