ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) board on Tuesday discussed key steps to operationalise the Authority in line with global Anti-Money Laundering and Countering Financing of Terrorism (AML/ CFT) standards and approved recommendations for appointing independent directors with expertise in virtual assets.
An official statement issued from the office of the Special Assistant to PM/ Minister of State on Blockchain and Crypto said that the meeting also focused on establishing the Authority’s core regulatory framework to support oversight of virtual asset activities in Pakistan.
It noted that PVARA held its first board meeting on Tuesday, where it also deliberated on the withdrawal of BPRD Circular No. 03 of 2018, issued by the State Bank of Pakistan, which had directed financial institutions to refrain from dealing in virtual currencies and tokens.
Aurangzeb stresses need for crypto embrace
To accelerate progress, the board agreed to form dedicated committees focused on sandbox experimentation, taxation policies, regulatory drafting, and international engagement. A draft of the proposed licensing framework was also shared with the members for consultation, which will be finalized in the coming days. Finance Minister Muhammad Aurangzeb hailed the establishment of PVARA as a transformative milestone in Pakistan’s economic evolution.
He emphasised the Authority’s critical role in positioning Pakistan as a leader in the global virtual assets economy. The Minister expressed gratitude to the Pakistan Crypto Council (PCC) for its foundational contributions and extensive consultations with stakeholders, institutions, and experts, which were instrumental in establishing PVARA.
Additionally, PVARA will hold bi-monthly meetings for the first six months to ensure robust feedback and stakeholder consultation. The Board also approved the creation of a complaint portal, developed in collaboration with the National Cyber Crime Investigation Agency (NCCIA), to address concerns related to virtual assets and provide timely redressal.
Chairman Bilal bin Saqib remarked: “Today is a defining moment for Pakistan’s virtual assets ecosystem. PVARA will safeguard financial integrity while fostering innovation, investment, and opportunity in the virtual assets space. Our goal is to build trust domestically and enhance Pakistan’s credibility as a forward-thinking player in the global virtual assets economy.” The Finance Minister reiterated the government’s unwavering support for PVARA, underscoring its role in promoting the responsible adoption of virtual assets and strengthening Pakistan’s financial system against illicit activities.
Copyright Business Recorder, 2025
