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On May 22, according to Cointelegraph, Pakistan's Ministry of Finance has approved the establishment of the Pakistan Digital Asset Management Authority (PDAA) as a regulator specializing in overseeing blockchain financial infrastructure. The institution will be responsible for overseeing the licensing and operation of exchanges, custodians, wallets, tokenization platforms, stablecoins, and decentralized finance applications.
Pakistan's Finance and Revenue Minister Muhammad Aurangzeb stated that the PDAA will be responsible for the tokenization of state assets, government debt management, and utilizing Pakistan's surplus electricity through Bitcoin mining.