ISLAMABAD: The federal cabinet has cleared a plan to set up the Pakistan Virtual Assets Regulatory Authority (PVARA), giving the country its first watchdog for digital assets.
An official note issued said the new body will work as an independent regulator. It will license, monitor and supervise virtual‑asset service providers (VASPs) in line with Financial Action Task Force (FATF) rules and other global standards.
The move comes less than four months after the launch of the Pakistan Crypto Council (PCC) on 14 March 2025. Led by Finance Minister Muhammad Aurangzeb and Special Assistant to the Prime Minister on Blockchain and Crypto Bilal Bin Saqib, the PCC has pushed for clear rules on blockchain, digital coins and tokenised assets.
The PCC has also brought in international experts, including former Binance chief Changpeng Zhao (CZ), to shape Pakistan’s digital‑asset policy. Top officials such as the SECP chairman, the State Bank governor and federal secretaries of law and IT sit on the council, giving it a whole‑of‑government reach.
— ALSO READ —
Govt launches fan replacement scheme with instalments added to electricity bills
At the Bitcoin 2025 Conference in Las Vegas on 28 May, Bilal Bin Saqib announced Pakistan’s first Strategic Bitcoin Reserve—a state‑held stock of Bitcoin meant to strengthen the economy over the long term.
Soon after, the government set aside 2,000 MW of surplus power for Bitcoin mining and AI data centres, aiming to turn unused energy into new revenue.
Once Parliament passes the needed law, PVARA will:
-
Issue licences and set technical rules;
-
Police anti‑money‑laundering and cyber‑security measures;
-
Coordinate with FATF, the IMF and the World Bank on compliance;
-
Protect the public in all virtual‑asset dealings.
Officials say the combined plan—state Bitcoin holdings, cheap surplus energy and tight regulation—will help Pakistan become a digital‑asset hub in South Asia.
Industry sources estimate Pakistan already has 40 million crypto users and an informal yearly trade of about US $300 billion. With 70 percent of Pakistanis under 30 and internet use rising fast, the government hopes to channel that energy into a safe, well‑regulated crypto economy.
Charith Asalanka to lead Sri Lanka in T20 series against Bangladesh
