ISLAMABAD: The Senate Standing Committee on Finance and Revenue began deliberations on “The Virtual Assets Ordinance Bill, 2025,” which aims to establish a modern financial ecosystem through the creation of a dedicated regulatory authority responsible for licensing and supervising virtual asset service providers.
The Committee meeting, chaired by Senator Saleem Mandviwalla, proposed several amendments, including changes to the formation of the Governance Board of the Authority in the Bill.
Referred to the Committee by the Upper House of Parliament last month, the Bill aims to ensure investor protection, foster innovation, and promote transparency in the virtual asset market.
According to the Bill’s statement of objects and reasons, the proposed authority would create an enabling environment for safe trading, prevent illegal activities such as money laundering and fraud, and enhance global competitiveness.
A representative from the Ministry of Law and Justice briefed the parliamentarians on the proposed legislation.
The Committee members raised various queries and stressed the need for strengthening the bill, acknowledging its potential to combat money laundering, terrorist financing and other illicit activities, besides promoting innovation, financial inclusion and economic growth.
Responding to a query regarding the operation and management of digital currency, an official from the State Bank of Pakistan said that work was underway and viewed that digital currency would be issued to banks based on their deposits with the SBP.
The meeting was attended by Senators Anusha Rahman Ahmad Khan, Dilawar Khan, Shahzaib Durrani, Ahmed Khan, Syed Faisal Ali Subzwari, Dr Afnan Ullah Khan and Mohsin Aziz, besides seniors officials from the Ministry of Finance and Revenue, Ministry of Law and Justice, State Bank of Pakistan (SBP), Security and Exchange Commission of Pakistan (SECP).
