digital assets

Pakistan sets up digital asset authority

Pakistan has formed a new body to regulate its growing digital asset market and embrace blockchain-based financial innovation. The Pakistan Digital Assets Authority (PDAA), backed by the Ministry of Finance, will license and oversee exchanges, custodians, wallets, stablecoins, and decentralised finance platforms.

Federal finance minister Muhammad Aurangzeb said the goal is not only to catch up but to lead the sector globally. PDAA will also tokenise national assets and government debt, and monetise excess electricity through regulated Bitcoin mining.

The authority aims to create a safe and investment-friendly ecosystem for blockchain startups and Web3 development.

The move follows advice from the Pakistan Crypto Council, which includes former Binance CEO Changpeng Zhao. Council CEO Bilal Bin Saqib described the strategy as a complete rewrite of Pakistan’s financial future, with a focus on financial inclusion, digital exports, and innovation.

Pakistan‘s stance on crypto has shifted rapidly. Although the government had ruled out legalising digital assets in 2023, the country ranked ninth in Chainalysis’ 2024 crypto adoption index.

With over 27 million users expected by 2025 and projected revenue of $1.6 billion, Pakistan’s digital asset sector is now seen as a key growth driver.

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Crypto assets to be treated as property in Russia

Russia’s Ministry of Justice is working on legislation that would classify crypto assets as property, enabling their confiscation during criminal investigations. The draft bill aims to tighten control over digital currencies increasingly used for illegal activities.

Deputy Justice Minister Vadim Fedorov stated that the new law would allow authorities to seize not only physical wallets but also credentials like seed phrases. Experts will assist in managing the secure handling of digital assets.

Courts may also be given the power to block transactions linked to certain wallets.

The move comes in response to a rise in crypto-related crime, particularly through darknet markets. One such platform, Kraken, has recorded a 68% surge in crypto transactions since the shutdown of Hydra in 2022.

Fedorov highlighted the challenges posed by digital currencies, citing their anonymity and lack of central control as major attractions for criminals.

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Thailand embraces digital tokens for public investment

Thailand’s Finance Ministry is preparing to launch 5 billion baht ($150 million) in digital investment tokens known as the G-Token within the next two months. The initiative is designed to raise public funds through a new blockchain-based model.

Unlike traditional bonds, the G-Token will not be classified as a debt instrument. Instead, it will form part of the country’s budget borrowing plan and allow direct public participation.

Retail investors will be able to invest small amounts, with potential returns expected to exceed standard bank deposit rates.

The G-Token is expected to comply with all Bank of Thailand regulations and may enhance activity in the secondary bond market by improving liquidity and accessibility. The initial rollout will serve as a trial, with future issuances depending on investor interest.

Thailand’s cabinet has already approved the plan, which supports broader digital asset strategies under the ruling Pheu Thai Party. With the central bank recently lowering interest rates to 1.75%, the government is offering more attractive investment alternatives.

The country is following a growing trend in Asia towards blockchain finance, influenced in part by shifting global policies.

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Coinbase expands into Canadian stablecoin market

Coinbase has invested an undisclosed amount in Canadian stablecoin issuer Stablecorp. The move aims to strengthen the local stablecoin market and make tokenised Canadian dollars more accessible.

During the Blockchain Futurist Conference in Toronto, Coinbase Canada’s Chief Executive Officer, Lucas Matheson, discussed how the exchange would support Stablecorp’s fiat-collateralised stablecoin, QCAD.

Matheson highlighted the need for a Canadian stablecoin due to the country’s lack of peer-to-peer payment systems and costly wire transfers. Stablecoins, he argued, could enable 24/7, instant, and borderless payments, which are already feasible with current technology.

However, adoption faces regulatory challenges in Canada. The country has yet to define a clear framework for fiat-backed stablecoins. Coinbase has urged the government to classify these assets as payment instruments, not securities, in line with US regulations.

Coinbase’s investment comes as Canada continues to navigate its digital asset stance under Prime Minister Mark Carney, who remains critical of cryptocurrencies.

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Ljubljana is named the world’s most crypto-friendly city

Ljubljana has been named the world’s most crypto-friendly city in the 2025 Crypto Cities Index by Multipolitan. It surpassed major financial hubs like Hong Kong, Zurich, and Singapore.

The Slovenian capital’s success lies in its strong infrastructure, forward-thinking regulations, and real-world crypto adoption. With over 150 crypto ATMs and widespread retail acceptance, the city has built a thriving environment for everyday digital asset use.

Beyond retail usage, Ljubljana benefits from a unified crypto ecosystem supported by local organisations such as the Blockchain Alliance Europe.

Homegrown platforms like Blocksquare are making global strides, including a $1 billion tokenisation partnership with Vera Capital.

These developments highlight how a smaller city can outperform global contenders with cohesive, innovative strategies.

Hong Kong and Zurich tied for second place, respectively, and were praised for their regulatory clarity and financial stability. Meanwhile, Singapore and Abu Dhabi completed the top five, driven by favourable tax policies and efforts to attract blockchain firms.

In addition, Slovenia topped the Crypto Wealth Concentration Index, with the average crypto holder owning around $240,500 in digital assets, far ahead of the UK and US.

However, Slovenia’s proposed 25% tax on personal crypto profits, set to take effect in 2026, has sparked debate. While the government projects up to €25 million in annual revenue, critics warn that the tax could deter innovation and drive talent abroad.

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US lawmaker aims to end Puerto Rico’s crypto tax haven status

New York MP Nydia Velázquez introduced the Fair Taxation of Digital Assets in Puerto Rico Act. The bill aims to require crypto investors in Puerto Rico to pay both local and federal taxes on capital gains.

Bill seeks to amend Puerto Rico’s tax laws, making income from digital assets subject to federal taxation.

Velázquez criticised the tax incentives for crypto investors. She claimed they have driven up housing costs, displaced residents, and strained the island’s economy, which has a poverty rate of nearly 40%.

Puerto Rico has been a tax haven since 2012, attracting investors, but this has cost the US government billions in lost tax revenue.

Puerto Rico’s Governor Jenniffer González-Colón proposed extending Act 60 until 2055, but with a 4% capital gains tax, far lower than the typical US rate.

It’s unclear if Velázquez’s bill will gain enough support, as both the House and Senate are expected to review crypto-related proposals soon.

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Slovenia’s crypto-friendly status faces test with new tax proposal

Slovenia’s Finance Ministry has proposed a 25% tax on crypto trading profits, aiming to bring digital assets in line with other investments. The draft law, unveiled on 17 April, targets residents who convert crypto into fiat or use it for purchases.

Crypto-to-crypto trades and transfers between self-owned wallets would remain untaxed under the proposed rules.

Finance Minister Klemen Boštjančič defended the move, describing it as a step towards fairness rather than a revenue-generating effort. He emphasised that speculative instruments like cryptocurrencies should not be excluded from taxation.

Taxpayers would be required to report transactions annually, with profits calculated by subtracting purchase costs from sale values.

Critics argue the plan could harm Slovenia’s crypto-friendly image. Opposition MP Jernej Vrtovec warned that the tax may drive innovation and young talent abroad.

If adopted, the law will take effect from 1 January 2026. Slovenia already taxes mining and staking income, while hobbyist use remains exempt.

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New Hampshire House approves Bitcoin reserve bill

New Hampshire’s Bitcoin reserve bill, House Bill 302, has passed the state’s House of Representatives. It becomes the fourth state to advance such legislation.

The vote on 10 April was 192-179 in favour of the bill, following a 16-1 vote by the House Commerce and Consumer Affairs Committee in March. The bill now moves to the Senate for further debate before potentially being signed by Governor Kelly Ayotte.

If approved, HB302 would allow the state treasurer to allocate up to 10% of New Hampshire’s general fund and other approved funds into digital assets. It would also cover Bitcoin and precious metals like gold, silver, and platinum.

To qualify for the reserve, a cryptocurrency must have a market capitalisation of at least $500 billion, a threshold currently met only by Bitcoin.

Supporters of the bill argue it could provide new revenue streams and diversify state finances. Republican Representative Jordan Ulery said it could generate significant earnings for the state through strategic investments in assets like Bitcoin.

Meanwhile, New Hampshire is also reviewing other blockchain-related proposals, including bills on stablecoins and broader blockchain regulations.

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Study finds 55 million US adults now use cryptocurrency

A new study by the National Cryptocurrency Association (NCA) has revealed that 55 million US adults, or 21% of the population, now use cryptocurrency. The survey highlights how digital assets are being adopted across different age groups, income levels, and industries.

Ownership remains highest among younger adults, with 67% of holders under 45. The study also found significant adoption among older Americans, with 15% of users over 55.

Women now represent 31% of all crypto holders. The adoption is notably strong in the construction sector (12%), surpassing financial services (7%).

Beyond investment, many users see cryptocurrency as a tool for learning, personal growth, and innovation. Forty-five percent value its role in education. The same percentage enjoys the excitement of being part of an emerging industry.

Nearly 40% use crypto for purchases, and 9% transact with it daily. Meanwhile, 81% want to expand their knowledge, particularly regarding security, regulation, and blockchain technology.

Regulation remains a key concern, with 64% supporting government oversight but 67% fearing it could hinder innovation.

Many users also see crypto’s broader societal benefits, with 45% citing its role in financial inclusion and digital transaction efficiency. Additionally, 33% recognise its potential to enhance global cooperation.

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UK trade bodies urge government action on crypto and blockchain policies

A group of six UK trade bodies has called on Prime Minister Keir Starmer’s government to take action on blockchain and crypto policy.

In a letter to Varun Chandra, Starmer’s business and investment adviser, the group made a call for government action. They urged the appointment of a special envoy and the creation of a national strategy to boost digital asset innovation.

The coalition includes leading industry groups like the UK Cryptoasset Business Council and Global Digital Finance. They believe that such measures could unlock job growth and establish the UK as a global leader in the sector.

The letter also pointed to the recent momentum in the US, where President Donald Trump appointed a crypto czar to lead policy on blockchain. The coalition believes that Britain can mirror this success, especially with its growing tech partnership with the US.

The trade bodies estimate that blockchain and digital assets could contribute £57 billion to the UK economy over the next decade. Globally, the sector is expected to add £1.39 trillion to GDP by 2030.

With digital assets becoming central to global finance, the UK’s actions now may determine its future as a competitive crypto hub.

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