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ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) held its first board meeting on Tuesday, marking what officials described as a “historic milestone” in the country’s adoption of blockchain, digital assets, and the wider digital economy.
According to the Ministry of Finance, the meeting focused on aligning PVARA with international Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) standards, approving expert independent directors for the authority, and deliberating on its organizational framework.
Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb attended the session as the chief guest, while the meeting was chaired by Minister of State for Crypto & Blockchain and PVARA Chairman Bilal Bin Saqib. Senior representatives from the State Bank of Pakistan, the IT and Law Ministries, the Federal Board of Revenue (FBR), the Securities and Exchange Commission of Pakistan (SECP), and the National Cyber Crime Investigation Agency (NCCIA) also participated.
To accelerate progress, the board approved the formation of dedicated committees on sandbox experimentation, taxation policies, regulatory drafting, and international cooperation. A draft licensing framework was also presented, which will be finalized after consultation with stakeholders. For its initial six months, PVARA will convene bi-monthly meetings to ensure robust feedback and engagement.
The board also approved the establishment of a complaints portal, to be developed with NCCIA, aimed at addressing public concerns related to virtual assets and providing timely redressal. The meeting further discussed revisiting the State Bank’s 2018 circular that prohibited financial institutions from engaging in cryptocurrency and token-related transactions.
Speaking at the occasion, Finance Minister Aurangzeb hailed the launch of PVARA as a “transformational milestone” for Pakistan’s economy, emphasizing its potential to place the country at the forefront of the global virtual assets market. He also acknowledged the Pakistan Crypto Council (PCC) for its role in shaping the authority through extensive consultations with experts and stakeholders.
PVARA Chairman Bilal Bin Saqib called the development “a historic day for Pakistan’s virtual assets ecosystem,” adding that the authority would enhance financial transparency while promoting innovation, investment, and new opportunities in the sector.
“We aim to build trust domestically and project Pakistan globally as a forward-looking and modern economy in the virtual assets space,” he said.
