Pakistan, Nov. 10 -- For most of the past decade, debates on digital assets centred on speculation, price swings and consumer losses. That phase seems to be culminating now. The latest assessments by global economic institutions conclude that digital assets are becoming part of money, securities and collateral dynamics, and this very fact brings a paradigm shift: from supervision to control. The issue for a new digital product no longer belongs to the supervisory realm only; it has actually entered the control regime required for the systems on which national finances are to run.

Digital assets fall into three broad categories. The first is crypto assets, such as Bitcoin. The second is digital money, which includes stablecoins issued by ...