ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) convened its first board meeting in Islamabad, marking a key step in developing Pakistan’s blockchain and virtual assets ecosystem.
The session was attended by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb as a special invitee, alongside Minister of State for Crypto and Blockchain and PVARA Chairman Bilal bin Saqib, the State Bank of Pakistan Governor, federal secretaries of IT and Law, FBR and SECP chairmen, and representatives from the National Cyber Crime Investigation Agency (NCCIA).
Finance Minister Aurangzeb described PVARA’s establishment as a transformative milestone, highlighting its potential to position Pakistan as a global leader in virtual assets. He also acknowledged the Pakistan Crypto Council (PCC) for its advisory role and stakeholder consultations.
The board discussed operationalizing PVARA in line with international Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) standards, appointing independent directors with expertise in virtual assets, and establishing the Authority’s core framework. Committees on sandbox experimentation, taxation, regulatory drafting, and international engagement were approved to expedite implementation.
A draft licensing framework was shared for consultation, with finalization expected shortly. PVARA will hold bi-monthly meetings over the next six months to ensure ongoing stakeholder feedback.
The board also approved a complaint portal, developed in collaboration with NCCIA, to handle virtual asset-related grievances and considered the withdrawal of SBP’s BPRD Circular No. 03 of 2018, which had barred financial institutions from dealing in virtual currencies and tokens.
Chairman Bilal bin Saqib stated that PVARA aims to safeguard financial integrity while fostering innovation and investment in the virtual assets sector. The Finance Minister reiterated government support, emphasizing the Authority’s role in promoting responsible adoption and protecting the financial system from illicit activity.
