Pakistan Holds First PVARA Board Meeting, Paving the Way for Digital Assets Growth
| August 26, 2025
ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA) held its inaugural board meeting today, marking a significant milestone in the country’s push toward blockchain, virtual assets, and the digital economy.
Finance Minister praised the establishment of PVARA, calling it a key step in positioning Pakistan as a leader in the global virtual assets market. He acknowledged the Pakistan Crypto Council (PCC) for its pivotal role in shaping the Authority through consultations with stakeholders, experts, and institutions.
During the meeting, the Board discussed critical priorities, including aligning PVARA operations with international Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) standards, recommending independent directors with expertise in virtual assets, and establishing the Authority’s core regulatory framework.
Key Decisions and Initiatives:
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Formation of dedicated committees for sandbox experimentation, taxation policies, regulatory drafting, and international engagement.
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Sharing a draft licensing framework for virtual asset service providers, to be finalized in the coming days.
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Approval of a complaint portal, developed with the National Cyber Crime Investigation Agency (NCCIA), to address virtual asset-related grievances.
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Deliberation on the withdrawal of BPRD Circular No. 03 of 2018, which had previously restricted financial institutions from engaging in virtual currencies.
PVARA Chairman Bilal bin Saqib highlighted the Authority’s mission:
“PVARA will safeguard financial integrity while fostering innovation, investment, and opportunities in the virtual assets space. Our goal is to build trust domestically and enhance Pakistan’s credibility in the global market.”
The Finance Minister reaffirmed the government’s full support for PVARA, emphasizing its role in promoting responsible virtual asset adoption and strengthening the financial system against illicit activities.
The meeting was attended by senior officials and stakeholders, including Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue; the Governor of the State Bank of Pakistan; Federal Secretaries of IT, Law and Justice; the Chairmen of SECP and FBR; and representatives from NCCIA.
With today’s meeting, Pakistan has taken a major step toward building a regulated and trustworthy ecosystem for virtual assets, signaling strong momentum in the country’s digital economy ambitions.
