Bitcoin adoption is accelerating at a very rapid pace.

The Abu Dhabi Investment Authority (ADIA) has invested $436 million in Bitcoin ETFs, and the State of Wisconsin Investment Board holds $321 million in Bitcoin.

Abu Dhabi's sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), has invested $436 million in Bitcoin ETFs, according to a report by the Financial Times. The fund's investment in Bitcoin ETFs comes as the cryptocurrency has seen a surge in popularity in recent years. Bitcoin ETFs allow investors to gain exposure to the cryptocurrency without having to directly purchase and store Bitcoin.

The State of Wisconsin Investment Board has invested $321 million in Bitcoin, becoming the US state with the largest cryptocurrency holding, reports Block Visuals.

The news follows a report by the US Treasury, which revealed that the country's Bitcoin stash is valued at $19 billion. China comes in second with $18 billion, while the UK holds $6 billion.

Hong Kong is now accepting Bitcoin as proof-of-wealth for investment visa applicants, marking a significant step towards broader cryptocurrency recognition within the region's immigration policies.

The city-state's acceptance of Bitcoin aligns with its efforts to attract foreign investment and talent. The investment visa program is designed for individuals with a substantial net worth or investment portfolio. Applicants can choose to provide evidence of their wealth in various forms, including real estate holdings, equity securities, or cryptocurrency assets like Bitcoin.

As reported by Bloomberg, Hong Kong's move to accept Bitcoin for investment visas underscores the increasing integration of cryptocurrencies into mainstream financial systems in the Asia-Pacific region.

Bitcoin has become a topic of discussion for a growing number of nations as they consider the possibility of including the cryptocurrency in their foreign exchange reserves.

While countries like El Salvador have already made the leap, other nations are still in the early stages of deliberation.

Among the countries known to be exploring this concept include Argentina, Brazil, Chile, Czech Republic, Germany, Hong Kong, Japan, Poland, Russia, and Switzerland.

These countries are at various stages of consideration, from public statements of support to active legislative efforts and the implementation of formal policies.

Several cities are also showing interest in Bitcoin.

Miami, Vancouver, and Zug are among the cities that have publicly expressed their openness to Bitcoin and other cryptocurrencies.

Lisbon, Singapore, Berlin, and Buenos Aires are also actively exploring the possibilities of incorporating Bitcoin into their city-level financial strategies.

So far, the largest holding of Bitcoin by a sovereign wealth fund is from Norway's SWF, with about $1.5 billion in BTC as of 31 December 2022, according to the fund's annual report.

Major banks, including Barclays, Goldman Sachs, JPMorgan Chase, BNY Mellon, Deutsche Bank, and Standard Chartered, are providing Bitcoin-related services, ranging from futures trading and fund access to custody solutions and exchange platforms.

US states are increasingly engaged in a race to establish cryptocurrency-friendly legislation, with roughly three dozen states considering measures such as Bitcoin reserves and task forces.

Among the states actively involved in this area are Arizona, California, Colorado, Florida, Nebraska, New York, Pennsylvania, Texas, Utah, and Wyoming, according to a report by the American Banker.

Real-estate developers Emaar, DAMAC Properties, and Nakheel in the UAE accept Bitcoin. Jetking is the first publicly traded Indian company to adopt the Bitcoin Standard.

Online retailers Overstock.com and Newegg offer a wide range of products for purchase with Bitcoin. Travel services, including flights and hotels, can be booked with Bitcoin through Expedia. Select Pizza Hut and Burger King locations, particularly internationally, are also accepting Bitcoin. Finally, services like AT&T phone bills and gift cards through Bitrefill and eGifter can be paid for using Bitcoin.

"Pakistan must establish a clear legal definition for cryptocurrencies. The State Bank of Pakistan (SBP) can play a key role in coordinating with relevant stakeholders to develop and implement a comprehensive legal framework that provides clarity on the status, rights, and obligations associated with cryptocurrencies. This definition should be consistent with international best practices and take into account the unique characteristics of cryptocurrencies," the writer said.

The writer further said that Pakistan must clarify the tax implications.

"To promote efficient utilization of cryptocurrencies within the Pakistani economy, it is crucial to clarify the tax implications. The Federal Board of Revenue (FBR) should establish clear guidelines on the taxation of cryptocurrency income, gains, and losses. These guidelines should be designed to encourage responsible use and integration of cryptocurrencies into the existing tax regime."

He also said that Pakistan must establish guidelines for exchanges and custodians.

"The SBP and Securities and Exchange Commission of Pakistan (SECP) should collaboratively establish comprehensive guidelines for cryptocurrency exchanges and custodians. These guidelines should cover aspects such as licensing, capital requirements, operational standards, and consumer protection to ensure the safe and efficient operation of cryptocurrency businesses in Pakistan."

The writer added that Pakistan must explore the potential benefits of including Bitcoin in its foreign exchange reserves.

"As part of a broader strategy to mitigate currency instability and promote economic resilience, Pakistan can explore the