ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) convened its first formal Authority meeting yesterday under the newly enacted Virtual Assets Act, 2026, signaling a major step toward establishing Pakistan as a regulated and credible jurisdiction for virtual assets.
The virtual meeting, chaired by PVARA Chairperson Bilal Bin Saqib, brought together key officials including the Deputy Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan, the Additional Secretary of Finance, the Secretary of Law and Justice, and the Chairman of the National AML-CFT Authority.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, attended on special invitation and praised the authority’s efforts to attract investors for hedging and diversified asset allocation. He called the passage of the Virtual Assets Act “an important milestone” and stressed the need to fast-track the licensing regime.
During the meeting, the Authority formally confirmed its composition under the new law, approved recruitment committees for all hiring tiers, and noted that advertisements for key positions have already been published. A key regulatory directive was also issued: during the transition period, all virtual asset promotional and marketing activities must obtain prior No Objection Certificate (NOC) from PVARA.
Chairperson Bilal Bin Saqib stated: “The enactment of the Virtual Assets Act, 2026 gives PVARA a permanent statutory foundation. Today’s meeting translates that legislative milestone into operational reality. Pakistan is open for regulated, compliant virtual asset business, and we are moving forward with urgency and clarity.”
In just under a year since its establishment, PVARA has issued No Objection Certificates to international virtual asset exchanges, established the regulatory sandbox framework, signed memoranda of understanding with international regulatory counterparts, and has made significant progress to advance the regulatory architecture.
Pakistan ranks among the top three countries globally in cryptocurrency adoption. The Authority reaffirmed its commitment to a regulatory framework that protects consumers, ensures financial integrity, and positions Pakistan as a destination for responsible virtual asset innovation.
