ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) convened its first board meeting on Tuesday, focusing on operationalizing the Authority in line with international Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) (AML/CFT) standards, recommending independent directors with expertise in virtual assets for approval, and establishing the Authority’s core framework.
According to press release issued by finance ministry, the meeting marks a pivotal step in Pakistan’s journey toward embracing blockchain, virtual assets, and the digital economy.
The meeting was attended by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, as a special invitee, alongside Minister of State for Crypto and Blockchain and PVARA Chairman Bilal bin Saqib, the Governor of the State Bank of Pakistan, Federal Secretaries of the Ministries of IT and Law and Justice, Chairman of the Federal Board of Revenue (FBR), Chairman of the Securities and Exchange Commission of Pakistan (SECP), and key stakeholders, including representatives from the National Cyber Crime Investigation Agency (NCCIA).
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.
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.
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.
Speaking on the occasion, Aurangzeb hailed the establishment of PVARA as a transformative milestone in Pakistan’s economic evolution. He emphasized 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.
He 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.
Meanwhile, Bilal bin Saqid termed the development as defining moment for country’s virtual assets ecosystem.
“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,” said Bilal bin Saqib while speaking on the occasion.
