ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) convened its inaugural board meeting on Tuesday, forming specialist committees, sharing a draft licensing framework for consultation and approving a complaint portal developed with the national cybercrime agency, according to an official statement.
Set up to regulate blockchain and virtual assets, PVARA aims to align Pakistan with global standards while encouraging innovation and investment. The board also set a bi-monthly meeting schedule for the first six months and considered withdrawing the State Bank’s 2018 circular that had directed financial institutions to refrain from dealing in virtual currencies and tokens.
“The Board deliberated on key priorities, including operationalizing PVARA to align with international Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) standards, recommending independent directors with expertise in virtual assets for approval, and establishing the Authority’s core framework,” the statement from the Office of the Minister of State on Blockchain and Crypto said.
“The Board agreed to form dedicated committees focused on sandbox experimentation, taxation policies, regulatory drafting and international engagement,” it added.
In his address, Finance Minister Muhammad Aurangzeb hailed PVARA’s launch as a “transformative milestone” in Pakistan’s economic evolution, saying the authority would help position the country as a leader in the global virtual assets economy.
He thanked the Pakistan Crypto Council for its foundational work and consultations with stakeholders.
“Today is a defining moment for Pakistan’s virtual assets ecosystem,” PVARA Chairman Bilal bin Saqib said. “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,” he added.
The meeting underscored its PVARA’s role in promoting the responsible adoption of virtual assets and strengthening Pakistan’s financial system against illicit activities.
