The Senate Standing Committee on Finance and Revenue has proposed shifting the newly planned Virtual Assets Authority from the Cabinet Division to the Finance Division, stressing the body’s relevance to financial oversight and anti-money laundering efforts.
A statement issued by the Senate Secretariat on Wednesday said the recommendation came during a meeting at Parliament House chaired by Senator Saleem Mandviwalla. The committee was reviewing the Virtual Assets Bill, 2025, which seeks to regulate digital assets in line with international standards.
“While thoroughly examining the bill, the committee recommended that the Virtual Assets Authority should be placed under the Finance Division instead of Cabinet Division given the nature of the subject,” the statement noted. It added that the authority would play a “key role in combating money laundering, terror financing and other illicit activities.”
During discussions, members agreed to set the maximum age of 55 years for the post of chairperson of the authority, with at least five years of experience in digital finance and technology as a prerequisite. Following extended debate, the committee deferred further consideration of the bill until its next meeting.
The development comes weeks after the Pakistan Virtual Assets Regulatory Authority (PVARA) held its maiden board meeting in Islamabad, where members debated reversing the State Bank of Pakistan’s 2018 ban on virtual currencies. The board also outlined plans for AI-driven risk management, licensing, and regulatory frameworks.
At the time, PVARA “discussed the withdrawal of BPRD Circular No. 03 of 2018, issued by the SBP, which had directed financial institutions to refrain from dealing in virtual currencies and tokens,” according to its official statement.
The SBP circular declared that virtual currencies such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond and Initial Coin Offering (ICO) tokens were not legal tender and were neither issued nor guaranteed by the Government of Pakistan.
