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ISLAMABAD: PMLN’s Senator Dr. Afnan Ullah Khan has accused the federal government of copying his Virtual Assets Bill 2025, a proposed legal framework to regulate cryptocurrency, blockchain, and digital assets in Pakistan.
The accusation was raised during a meeting of the Senate Standing Committee on Information Technology and Telecommunication. Senator Afnan stated that after three months of dedicated work, he finalized the Virtual Assets Bill 2025, only for the government to later nullify it and present its own version.
The original bill, titled “Virtual Assets Bill 2025,” proposed the introduction of a Pakistan Digital Rupee, pegged to the local currency and overseen by the State Bank of Pakistan (SBP). It aimed to regulate the issuance, trading, and governance of virtual assets through a secure, government-backed system.
One of the key features of the bill was the establishment of designated Virtual Asset Zones. These zones would act as hubs for regulated cryptocurrency activity, aiming to protect investors, promote financial transparency, and prevent misuse for money laundering or terrorism financing.
AML and CTF Compliance
To ensure accountability, the bill mandated compliance with international anti-money laundering (AML) and counter-terrorism financing (CTF) standards. Regular audits and mandatory reporting by all stakeholders in the virtual asset sector were also included.
Another central aspect of the bill was the formation of a National Virtual Assets Regulatory Commission. This body would be responsible for licensing exchanges and service providers, enforcing regulatory standards, and overseeing all digital assets pegged to the Pakistani Rupee.
Senator Afnan also emphasized that Pakistan currently lacks a Central Bank Digital Currency (CBDC), which limits the legal trading of crypto assets. Existing peer-to-peer cryptocurrency transactions are under heavy surveillance by the Federal Investigation Agency (FIA) due to the ongoing soft ban.
He asserted that the Virtual Assets Bill 2025 was designed to position Pakistan as a progressive player in the global digital economy while ensuring strong legal safeguards.
