Pakistan Sets Milestone with First Virtual Assets Regulatory Authority Meeting
PVARA’s first board meeting sets roadmap for cryptocurrency regulation, blockchain growth, and Pakistan’s digital economy transformation.
Pakistan has established the Virtual Assets Regulatory Authority (PVARA), holding its first meeting to shape blockchain, crypto regulation, and digital economy growth.
Islamabad – Pakistan has taken a major step towards shaping its digital economy as the Pakistan Virtual Assets Regulatory Authority (PVARA) held its first-ever board meeting. The meeting marked a new beginning for the country’s journey in blockchain, cryptocurrency regulation, and virtual assets development.
The high-level session was attended by senior officials from the Ministry of Law, Ministry of IT, Federal Board of Revenue (FBR), and the Securities and Exchange Commission of Pakistan (SECP).
Key Decisions Made
During the meeting, participants discussed critical issues including:
- Cryptocurrency regulation and its future in Pakistan.
- Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) compliance.
- Establishing special sub-committees on taxation, regulations, international relations, and sandbox testing.
The board also approved the creation of a dedicated complaint portal, developed in collaboration with the National Cyber Crime Investigation Agency (NCCIA), to resolve public issues related to digital assets quickly and transparently.
Another important matter under review was the State Bank’s circular restricting cryptocurrency transactions, which may be reconsidered in line with global financial trends.
Vision for Digital Assets in Pakistan
PVARA member Bilal bin Saqib emphasized that the authority aims to encourage innovation, investment, and opportunities in the virtual assets industry while ensuring financial transparency.
“Our mission is to build trust within Pakistan and position the country as a global leader in the digital economy,” he added.
The Federal Finance Minister called the establishment of PVARA a “landmark achievement” for Pakistan’s economy, highlighting its role in driving digital transformation and blockchain adoption.
Next Steps
The board announced plans to finalize the licensing framework in the coming days and include global virtual asset experts on its advisory team. These steps will align Pakistan’s policies with international AML and CFT standards, making the country a safer and more attractive hub for crypto and blockchain investments.
