The newly established Pakistan Virtual Assets Regulatory Authority (PVARA) convened its inaugural board meeting in Islamabad, reaffirming Pakistan’s resolve to comply with anti-money laundering (AML) and countering financing of terrorism (CFT) standards while positioning itself as a future hub for blockchain and digital assets.
Federal Finance Minister hailed the launch of PVARA as a “landmark in Pakistan’s economic transformation,” noting that the Authority would play a vital role in making Pakistan a global player in the digital economy. He also acknowledged the Pakistan Crypto Council (PCC) for leading extensive stakeholder consultations that helped lay the groundwork for the Authority.
The board prioritized aligning operations with international AML/CFT standards, appointing independent directors experienced in virtual assets, and drafting the core regulatory framework. Special committees will be set up to address areas such as sandbox experiments, taxation, licensing, and international cooperation. A draft licensing policy has already been circulated for members’ feedback.
In another key step, PVARA adopted a complaints portal in collaboration with the National Cyber Crime Investigation Agency (NCCIA) to ensure timely resolution of disputes in the virtual assets sector. Members also discussed the potential withdrawal of the 2018 State Bank circular that barred financial institutions from dealing in cryptocurrencies and tokens.
PVARA Chairman Bilal bin Saqib assured that the Authority would uphold financial integrity while encouraging investment and innovation. The Finance Minister reaffirmed full government support, calling strong AML/CFT compliance critical to the responsible adoption of digital assets in Pakistan’s financial system.
