Pakistan Virtual Assets Regulatory Authority

The Pakistan Virtual Assets Regulatory Authority (PVARA) is an autonomous federal regulatory body established under the Virtual Assets Ordinance, 2025, to license, regulate, and supervise virtual asset services and service providers across Pakistan.^{[1][2][3][4][5]}

PVARA was created through the Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025), signed into law by President Asif Ali Zardari on July 8, 2025, under Article 89 of the Constitution of Pakistan. The ordinance was promulgated as an urgent measure while the Parliament was not in session and will remain in effect for 120 days unless extended or replaced by an act of Parliament.^[1][4]

Although an initial statement from the office of the state minister referred to the regulation as the "Virtual Assets Act, 2025", it was later clarified that the measure was an ordinance and not a full act of Parliament.^[6]

The PVARA^[7] was formed to:

• License entities that provide virtual asset services in or from Pakistan
• Regulate virtual asset markets and service providers
• Supervise compliance with financial, security, and legal standards

The authority has been granted broad regulatory powers to ensure:

• Financial integrity and transparency
• Prevention of illicit activities, including money laundering and terrorism financing
• Alignment with international standards, such as those of the Financial Action Task Force (FATF)^[1][6]

The governing board of PVARA includes:

• Governor of the State Bank of Pakistan
• Secretaries of the ministries of Finance, Law and Justice, and Information Technology and Telecommunication
• Chairpersons of the Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR), and Digital Pakistan Authority
• Two independent directors with expertise in relevant domains
• A chairperson appointed based on demonstrated experience in finance, law, technology, or regulatory affairs^[1]

• Licensing Requirement: All individuals or companies offering virtual asset services must be licensed by PVARA.
• Regulatory Sandbox: A framework for innovation allows for the testing of new technologies under supervision.
• No-Action Letters: The authority may issue conditional relief to promote experimentation.
• Sharia Advisory Committee: Ensures that virtual asset products comply with Islamic finance principles.

• Virtual Assets Appellate Tribunal: Handles appeals and operates independently with specialized judicial and technical expertise.^[1]

PVARA creation follows the launch of the Pakistan Crypto Council (PCC) on March 14, 2025, a national platform aimed at advancing crypto adoption and digital finance innovation. The Finance Minister Muhammad Aurangzeb serves as the chairman of the PCC, and Bilal Bin Saqib, who also holds the status of Minister of State, is the CEO.^[1][3]

• Ministry of Finance website