Islamabad — The Pakistan Virtual Assets Regulatory Authority (PVARA) held its first-ever board meeting, outlining a roadmap to regulate digital assets while ensuring strict compliance with AML/CFT standards.
The Federal Finance Minister described the Authority’s establishment as a milestone for Pakistan’s economy, stating that it would accelerate the country’s journey into the global digital asset market. He credited the Pakistan Crypto Council (PCC) for extensive groundwork and stakeholder engagement that paved the way for PVARA.
Key decisions included drafting a regulatory framework aligned with international practices, appointing independent directors, and forming committees to oversee sandbox testing, taxation, licensing policies, and global partnerships. A draft licensing policy has been distributed and will be finalized soon.
To address consumer protection, the board approved a complaint portal in partnership with the National Cyber Crime Investigation Agency (NCCIA). Discussions also touched on the possible withdrawal of the 2018 SBP circular banning banks from handling cryptocurrency transactions.
Chairman Bilal bin Saqib emphasized balancing innovation with oversight: “Financial integrity will be safeguarded while fostering investment in virtual assets.” The Finance Minister pledged continued government backing, underlining that responsible adoption of blockchain and crypto depends on robust AML/CFT compliance.