Pakistan lunches Virtual Assets Regulatory Authority to oversee growing crypto sector

Independent body mandated to license and regulate virtual asset service providers

Last updated: July 08, 2025 | 14:35

Ashfaq Ahmed, Senior Assistant Editor

2 MIN READ

Pakistan announces to launch Virtual Assets Regulatory Authority to meet growing demand to monitor virtual assets.

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Dubai: The Pakistani government has formally approved the creation of the Pakistan Virtual Assets Regulatory Authority (PVARA).

It will be an independent body mandated to license, monitor, and regulate virtual asset service providers (VASPs) across the country. The move aligns Pakistan’s digital asset framework with Financial Action Task Force (FATF) guidelines and global best practices.

A statement from the Ministry of Finance called the cabinet’s approval “a landmark step towards establishing a comprehensive legal and institutional framework for overseeing the country’s rapidly growing digital assets ecosystem.” The new authority will also focus on anti-money laundering measures, cyber risk mitigation, and public protection in virtual asset transactions.

Digital economy

“The creation of PVARA marks a critical inflection point in Pakistan’s digital economy,” said a senior government official

“Once operational, it will issue licenses, set technical standards, and coordinate compliance with international regulatory bodies like the FATF, IMF, and World Bank.”

Pakistan Crypto Council

The announcement follows the launch of the Pakistan Crypto Council (PCC) in March, which has actively promoted blockchain technology and digital currencies. PCC CEO Bilal Bin Saqib highlighted Pakistan’s potential, noting: “With over 40 million crypto users and an estimated $300 billion in annual trading volume, Pakistan stands as one of the most promising frontier markets for digital assets.”

Also Read: Meet Bilal Bin Saqib: How a British-Pakistani humanitarian becomes Pakistan’s crypto czar

Bitcoin mining

In addition to regulatory progress, the government has allocated 2,000 megawatts of surplus electricity to support Bitcoin mining and AI data centers, aiming to leverage Pakistan’s untapped energy resources sustainably, according to Dawn online.

“This coordinated approach will help Pakistan become a regional hub for digital finance innovation while ensuring energy-intensive operations remain environmentally responsible,” the Ministry of Finance added.

The government’s strategy also includes establishing Pakistan’s first Strategic Bitcoin Reserve, announced earlier this year, to strengthen macroeconomic resilience and national benefit.

Ashfaq AhmedSenior Assistant Editor

Ashfaq has been storming the UAE media scene for over 27 years. As Senior Assistant Editor, his insights, analysis and deep understanding of regional dynamics have helped make sense of the unfolding news.   He’s the go-to guy for deep dives into the South Asian diaspora, blending heart, and hardcore reporting into his pieces. Whether he's unpacking Pakistani community affairs, chasing down leads on international political whirlwinds, or investigative reports on the scourge of terrorism and regional drama — Ashfaq doesn’t miss a beat.   He's earned kudos for his relentless hustle and sharp storytelling. Dependable, dynamic, and unstoppable, Ashfaq does not just report the news, he shapes it.