ISLAMABAD The Pakistan Virtual Assets Regulatory Authority (PVARA) deliberated on granting permission to financial institutions to deal in virtual currencies and tokens.
It was deliberated in PVARA’s first board meeting a day earlier, marking a pivotal step in Pakistan’s journey toward embracing blockchain, virtual assets, and the digital economy.
“The Board 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,” read the press release.
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).
In his address, the finance minister 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.
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.
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.
