Finance Minister Muhammad Aurangzeb is set to present the Virtual Assets Ordinance, 2025, in the Senate session on Friday (Aug 15). The ordinance, which was promulgated on July 8, outlines the establishment of the Pakistan Virtual Asset Regulatory Authority (PVARA) to oversee the licensing, regulation, and supervision of virtual assets and service providers.
According to Article 89 (1) of the Constitution of Pakistan, the President can promulgate ordinances when immediate action is required, except when Parliament is in session.Â
The ordinance will remain in effect for 120 days and may be extended for another 120 days if a resolution for the extension is passed by either the Senate or the National Assembly. After the extended period, it will automatically lapse.
In addition to the Virtual Assets Ordinance, the Senate is scheduled to consider four government bills, which have already been passed by the National Assembly. These include the Anti-terrorism (Amendment) Bill, 2025; the Petroleum (Amendment) Bill, 2025; the National School of Public Policy (Amendment) Bill, 2025; and the Pakistan Land Port Authority Bill, 2025.
The government intends to fast-track the passage of these bills in the Senate without referring them to the relevant standing committees. The Anti-terrorism (Amendment) Bill grants expanded powers to law enforcement agencies for detaining terror suspects, while the Petroleum (Amendment) Bill seeks to implement IT-based tracking of petroleum products to prevent smuggling.Â
The National School of Public Policy (Amendment) Bill proposes amendments to governance structures, and the Pakistan Land Port Authority Bill aims to establish a new authority to manage and develop cross-border land port facilities.
