Pakistan sets up new authority for 'crypto' oversight
Getting your Trinity Audio player ready...
Pakistan has unveiled a new regulatory body to oversee the digital asset sector as adoption in the South Asian nation skyrockets.
Known as the Pakistan Digital Asset Authority (PDAA), the new watchdog has received the endorsement of the Finance Ministry. Minister Muhammad Aurangzeb recently said that PDAA will ensure Pakistan remains Financial Action Task Force (FATF) compliant and promote responsible digital asset use.
'Pakistan must regulate not just to catch up — but to lead,' the minister stated, as reported by national broadcaster PTV.
'With the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation.'
The new authority will oversee all licensing of virtual asset service providers (VASPs), including exchanges, wallets, custodians, and brokerages. It will also have jurisdiction over decentralized finance (DeFi) platforms, tokenization firms, and stablecoin issuers.
Beyond oversight, the authority will promote the development of 'blockchain-based solutions at scale.' Pakistan has embraced the technology for years, with former President Arif Alvi enlisting the assistance of leading experts, including the BSV Association, to draft a national blockchain strategy.
The PDAA will also provide legal clarity to digital asset investors and channel Pakistan's excess electricity to block reward mining. Last month, the government revealed that it would begin using surplus power to mine digital assets at a time when demand for electricity from the national grid has dipped drastically.
The authority will also support tokenizing government debt and national assets, PTV reports. With tokenization taking off globally, the Pakistani government set aside $3.5 billion in March to fund the sector. Experts predict that tokenized assets could unlock $18.9 trillion by 2033.
Pakistan's deep dive into digital assets
The PDAA is the latest initiative by the Pakistani government to promote digital assets and blockchain adoption. In March, it established the Pakistan Crypto Council (PCC), whose mandate is to promote the adoption of digital assets in the country and aid in formulating enabling laws.
The Council's CEO, Bilal Bin Saqib, welcomed the new watchdog, which he says will augment the PCC's efforts in promoting the sector and is a stride toward 'strong and smart regulations.' 'This is not just about crypto — it's about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance, and Web3 innovation,' he stated.
The two agencies—both chaired by Minister Aurangzeb—have overlapping duties, such as promoting adoption. However, the Council serves more as an advisory body that shapes policy and industry collaboration, while the newly formed PDAA will have direct legal enforcement powers.
Saqib, who chairs the Council, is focused on making Pakistan a Web3 hub, even with the formation of the new watchdog.
'For the first time, we are not standing behind the world, but we are establishing our own trend in the digital currency landscape. Global tech leaders and companies are now looking toward Pakistan to explore its crypto potential,' he told local outlet Dawn.
With its focus on boosting Web3 and new laws on digital assets, Pakistan is ensuring 'that global-level companies can now be built in Pakistan, not just in the U.S. or Europe.'
Pakistan dedicates 2,000 MW to 'crypto' mining, AI
In yet another stride towards promoting digital assets in the country, the Pakistani government has allocated 2,000 megawatts (MW) of electricity to block reward mining and artificial intelligence (AI) data centers.
The initiative is led by the PCC and will mainly depend on excess power. The Pakistani economy has faltered in recent years and almost defaulted in 2023. It has been especially brutal to small and medium enterprises (SMEs), which employ the bulk of the country's workforce, leading to lower electricity demand and a switch to cheaper alternatives like solar energy.
Besides the surplus power, the government intends to repurpose some of the country's coal-based power stations, which have been operating below capacity for years.
Currently, Pakistan's contribution to the global BTC hash rate is negligible, with regional peers like Thailand, India, and Iran playing a bigger role. However, if all 2,000 MW goes to block reward mining with the latest ASIC miners, it could contribute over 60 exahashes per second (EH/s), making it one of the top five mining hubs.
Watch: It's time for regulation to enable blockchain growth
title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
15 hours ago
- The Independent
Joe Root's career in numbers after becoming England's record ODI run-scorer
History repeated itself for Joe Root on Sunday as he became England's record one-day international run-scorer by making his career-best score in the format. It matches his achievement in Test cricket last year and here, the PA news agency looks at his latest statistical achievement. Deja vu Root's long pursuit of Sir Alastair Cook's record 12,472 Test runs for England reached its climax in October's first Test against Pakistan in Multan when he moved his innings on to 70. He continued the following day to reach 262, passing his previous Test best of 254 to claim the record in memorable style – and remarkably repeated the feat in ODIs with Sunday's match-winning innings. Going into the game needing 42 to pass Eoin Morgan's record 6,957 ODI runs for England, he ticked off that mark before his 11th boundary of the innings took him past 7,000 for his career. He passed his previous best ODI score of 133 with a six off Justin Greaves in the 41st over and finished on 166 not out, moving to 7,082 career ODI runs, as England chased down 309 to win by three wickets with seven balls to spare. Root's record Root has over 20,000 runs for England across all formats, having been a key man for his country since his Test debut in December 2012. His Test total moved past 13,000 with his 34 in the recent win over Zimbabwe, after which he has 13,006 at an average of 50.80 in 153 matches. He averages 49.18 in ODIs and, while he has not played a T20 international since 2019 and made just 893 runs in 32 appearances, he averages a respectable 35.72 in the sprint format. Sunday was Root's 18th ODI century to go with 36 in Tests, a total of 54. He also has a further 112 international half-centuries to his name – 65 in Tests, 42 in ODIs and five in T20s. Root's underrated off-spin has brought him 71 Test wickets, 28 in ODIs and six in T20s for a total of 105.
Telegraph
16 hours ago
- Telegraph
Tulip Siddiq's aunt charged with crimes against humanity in Bangladesh
Sheikh Hasina, the ousted Bangladesh prime minister and the aunt of Labour MP Tulip Siddiq, has been charged with crimes against humanity for her alleged involvement in mass killings during anti-government protests. Bangladesh's International Crimes Tribunal has issued arrest warrants for Ms Hasina and Asaduzzaman Khan, the former interior minister, who are both believed to be in India. Former police chief, Chowdhury Abdullah Al Mamun, has been arrested. According to the charges, the autocratic former leader was directly responsible for ordering all state forces, her Awami League party and its associates to carry out actions that led to mass killings, injuries, targeted violence against women and children, the incineration of bodies and denial of medical treatment to the wounded. The charges describe 77-year-old Ms Hasina as the 'mastermind, conductor, and superior commander' of the atrocities. She has not yet responded to the charges. If proven guilty, she could face capital punishment. Ms Hasina fled to India in August last year as student-led protesters brought down her 15-year rule. Her premiership was marked by widespread accusations of election-rigging to maintain her hold on power and human rights violations such as extrajudicial killing, extensive arbitrary arrests, torture and enforced disappearances, including of children. The UN human rights office has estimated that up to 1,400 protesters may have been killed in Hasina's crackdown to crush the uprising. Bangladesh has demanded that India hands her over. Last year, India confirmed receiving a diplomatic communication for her extradition from Dhaka, but it has refused to comment further, triggering a diplomatic row between the two countries. The three-member tribunal, headed by Justice Mohammad Golam Mortuza Mozumder in a live trial proceedings, a first in Bangladesh, has ordered the prosecution to file a progress report on efforts to arrest Hasina and Asaduzzaman on June 16. According to the charges, Hasina incited violence during a press conference at Ganabhaban on July 14. Under her direction, law enforcement agencies carried out systematic and widespread attacks on protesters, Maynul Karim, the International Crimes Tribunal prosecutor, told The Telegraph. 'The attacks involved murder, attempted murder, torture, and other inhumane acts,' Mr Karim said. In one charge, Mr Karim said Hasina ordered the extermination of protesters using helicopters, drones, and lethal weapons, orders that Khan and Mamun allegedly executed by commanding security forces. Another charge states that, on Aug 5 last year, under similar orders, law enforcement officers shot six unarmed protesters and subsequently burned them in Dhaka's Ashulia area. Police poured petrol over the bodies and set them ablaze. 'Eyewitness testified that a young protester among them was burned alive after being shot and left wounded. He was still alive as the bodies burned,' Mr Karim claimed. The incident forms part of wider charges filed against Hasina. The charges stem from a May 12 investigative report that named her as the 'mastermind, conductor, and superior commander' behind the deadly attacks on protesters. 'We have strong evidence, including telephonic conversations, that Hasina, under her superior command responsibility, ordered crimes against humanity, including murder of students,' Mr Karim said. 'If proven guilty, she will face capital punishment. 'If she doesn't join the trial, it will be presumed that she is involved in the crimes against humanity, and the court might start a trial in absentia.' Bangladesh's Anti-Corruption Commission is holding a wider investigation into the alleged unlawful allocation of state-owned land and apartments to Ms Hasina, her children, and close relatives, including Ms Siddiq. The case also involves a $4 billion (£2.9 billion) embezzlement investigation by the commission into a nuclear deal struck by Ms Hasina, in which Ms Siddiq had also been named, with Russia. Ms Siddiq, who resigned from the UK Government in January amid scrutiny of her links to Ms Hasina, has been named in multiple Bangladeshi inquiries for illegally acquiring plots and apartments. She has denied the charges and accused the Bangladeshi government of a 'targeted and baseless' campaign against her and asked why it had briefed the media but not put its allegations to her directly. The UK's National Crime Authority has frozen £90 million worth properties linked to the former Bangladesh regime.
Coin Geek
20 hours ago
- Coin Geek
Why blockchain's cultural adoption may still be years away
Getting your Trinity Audio player ready... This post is a guest contribution by George Siosi Samuels , managing director at Faiā. See how Faiā is committed to staying at the forefront of technological advancements here . 'Technology changes fast. Humans change slowly.' In the blockchain space, we often mistake momentum for readiness . We see surges in transaction volume, new Layer 1s, enterprise pilots, or headlines about central banks and tokenized assets—and we assume that mainstream adoption is imminent. But a deeper look reveals a sobering truth: we're not even halfway there. Despite being popularized with Bitcoin in 2008, blockchain's mainstream adoption—let alone cultural integration —is still unfolding. In fact, if history is any guide, we may still be 15 years away from true normalization. Let me explain why. Artificial urgency vs. actual readiness Across tech circles, there's an unspoken pressure to 'move fast or miss out.' This artificial urgency is often driven by venture capital, hype cycles, or career incentives. Blockchain—especially post-2017 and post-2021—has not been immune. But urgency doesn't equal readiness. Pilots ≠ Platforms. Most enterprises are still experimenting, not integrating. Most enterprises are still experimenting, not integrating. Hype ≠ Habit. Most users still see crypto as speculative, not systemic. Most users still see crypto as speculative, not systemic. Adoption ≠ Acceptance. Tech may be used, but that doesn't mean it's trusted. It's not that the tech isn't ready. It's that we're not—at least not at scale. The 30-year arc of cultural adoption History tells us that major technological shifts typically require three decades to become culturally normalized: The push-button elevator took 20–30 years to replace human operators due to psychological discomfort with 'no driver.' took 20–30 years to replace human operators due to psychological discomfort with 'no driver.' The Internet , while technically available in the '80s and commercialized in the '90s, didn't achieve cultural ubiquity until the late 2000s. , while technically available in the '80s and commercialized in the '90s, didn't achieve cultural ubiquity until the late 2000s. Even electric vehicles, around since the 1800s, only became commercially viable and socially normalized in the 2010s–2020s. Why the lag? Because culture lags behind code. It takes time for people to reshape their mental models, trust new systems, and embed them into everyday workflows. Blockchain—despite its architectural brilliance—still struggles with this. Blockchain's hidden bottleneck: Human culture We tend to see scalability as a technical problem. But often, it's a cultural bottleneck: Compliance teams still default to paper trails. still default to paper trails. Boards struggle to distinguish between crypto noise and blockchain signal. struggle to distinguish between crypto noise and blockchain signal. Internal systems weren't designed with tokenization or auditability in mind. weren't designed with tokenization or auditability in mind. Language remains a barrier—terms like 'wallet,' 'hashrate,' or 'decentralization' confuse rather than clarify. Put simply: the infrastructure may be scalable, but the institutions—and instincts—aren't. Why 15 more years is not a problem—it's a pattern If we see blockchain as being in its teenage years (2008–2025), then what comes next is maturity—not more speed. The next 15 years will likely be less about technological breakthroughs and more about: Integration with legacy systems Cross-cultural regulation and harmonization Cultural onboarding and language reframing Trust-building through transparency and utility That's not stagnation. That's evolution. And it's where the long-term value will compound. A note for enterprise leaders If you're leading digital transformation at scale, the temptation to chase 'what's next' can be strong. But consider this: 'Culture is the invisible architecture of adoption.' Your blockchain strategy isn't just about ledgers and nodes. It's about human patterns, legacy instincts, and organizational memory. Success will come not from rushing adoption, but from aligning pace with place. Closing thought: Urgency is a signal—not a strategy Artificial urgency creates short-term buzz, but long-term burnout. In blockchain, as in most foundational innovations, what matters most is durable trust, not fleeting traction. So the real question isn't: 'How fast can we scale?' It's: 'How well are we integrating blockchain into the rhythms of human trust and institutional behavior?' The ones who win won't be the fastest—they'll be the most aligned. Curious how culturally aligned your blockchain strategy really is? Get in touch to get a free CSTACK Audit (worth $1K) — a diagnostic for enterprises navigating emerging tech with clarity and confidence. Watch: IPv6 & Blockchain: Pioneering the next digital revolution title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Blockchain Blockchain Adoption Culture Enterprise
