Senator Dr. Afnan Ullah Khan of Pakistan Muslim League Nawaz (PMLN) has tabled the “Virtual Assets Bill 2025,” a proposed legislative framework to regulate the digital asset market, including cryptocurrencies and blockchain technologies.
“Virtual Assets Bill 2025” outlines plans to create a Digital Rupee, pegged to the Pakistani Rupee, under the central bank’s oversight. It aims to regulate the issuance, trading, and management of virtual assets, ensuring these are securely backed by the local currency.
The legislation includes provisions for establishing Virtual Asset Zones—designated areas for cryptocurrency trading and management. These zones are intended to ensure financial stability, protect investors, and combat illegal activities such as money laundering and terrorism financing.
To bolster transparency and accountability, the bill mandates compliance with anti-money laundering (AML) and counterterrorism financing (CTF) regulations. It also introduces regular audits and reporting requirements for entities engaged in the virtual asset market.
A key component of the bill is the creation of a National Virtual Assets Regulatory Commission, tasked with registering and licensing Virtual Asset Zones, exchanges, and service providers. The commission will oversee the issuance of Pakistan Rupee-backed virtual assets, enforce AML/CTF compliance, and impose penalties for violations.
It is important to note that Pakistan currently does not have a Centrally Backed Digital Currency (CBDC) that could allow citizens to indulge in this practise. Meanwhile, the only remaining avenues for acquiring fiat cryptocurrency are being tightly monitored by the FIA, in lieu of a soft-ban that the country imposes on peer-to-peer trading.
The bill lays the groundwork for launching Pakistan’s own digital currency, enhancing the country’s position in the global digital economy.
