Senator Afnan Ullah Accuses Government of Copying His Digital Assets Bill
Senator Dr. Afnan Ullah Khan from the Pakistan Muslim League Nawaz (PMLN) has accused the government of copying his proposed “Digital Assets Bill.” This bill aimed to regulate digital assets, including cryptocurrencies and blockchain technology.
He raised this issue during a meeting of the Senate Standing Committee on Information Technology and Telecommunication.
Senator Afnan Ullah Accuses Government of Copying His Digital Assets Bill
According to the senator, he worked for three months to prepare the bill. But the government rejected it and introduced its own version of the legislation.
Senator Khan had submitted the “Virtual Assets Bill 2025.” It proposed creating a Digital Rupee, backed by the Pakistani Rupee and controlled by the State Bank of Pakistan. The bill aimed to regulate how virtual assets are issued, traded, and managed.
One major proposal in the bill was the creation of Virtual Asset Zones. These would be special areas for cryptocurrency trading and operations. The goal was to keep financial activities stable, protect investors, and prevent illegal practices like money laundering and terror financing.
The bill also focused on transparency and accountability. It required companies working with digital assets to follow anti-money laundering (AML) and counterterrorism financing (CTF) rules. Regular audits and reports would be mandatory.
A key part of the bill was the formation of a National Virtual Assets Regulatory Commission. This body would register and license exchanges, trading zones, and service providers. It would also oversee the use of Digital Rupee-backed assets and ensure AML/CTF laws are followed.
Currently, Pakistan does not have a central digital currency. The only way to trade cryptocurrencies is through limited channels, closely watched by the FIA. Peer-to-peer trading is also restricted under a soft ban.
Senator Khan’s bill aimed to set the foundation for Pakistan’s own digital currency. He believes it would help Pakistan grow in the global digital economy.
See Also: Pakistan Crypto Council Forms High-Level Committee to Finalize Digital Asset Laws
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