The PDAA will have to monitor operations related to cryptocurrency exchanges, casteodial services, digital wallets, assets tokenize, stablecoins and decentralized financial protocols (Defi). The department is going to control the compliance with crypto services of local laws.
The Minister of Finance of Pakistan Muhammad Aurangzeb said that PDAA is part of the financial innovation development strategy.
“Pakistan must regulate the crypto industry not only to catch up with the rest of the countries, but also in order to become the market leader himself. The new department will help protect consumers, attract world investments and create a foundation for the development of digital assets, ”said Aurangzeb.
In addition to the supervision of the cryptocurrency market, it is expected that PDAA will solve issues related to the tokenization of national assets and public debt. Local startups are promised the conditions for creating solutions based on blockchain. The department will also have to help miners of bitcoin use excess electricity.
This spring, the Minister of Energy Avais Leghari held negotiations with the executive director of the recently formed Pakistani Cryptocurrencies (PCC) Bilal Bin Sakib). Officials discussed how international mining companies could use excess electricity.
Source: Bits
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