The Federal Government of Pakistan has launched the Pakistan Virtual Assets Regulatory Authority (PVARA), a new agency responsible for overseeing the country's digital asset industry.
According to local English news media Dawn on Tuesday, PVARA will operate as an independent regulatory body responsible for licensing, monitoring, and supervising virtual asset service providers. The agency will also ensure compliance with international standards, including alignment with the Financial Action Task Force (FATF) guidelines.
The report follows an announcement from Pakistan's Ministry of Finance in late May, which supported the establishment of this regulatory body. Pakistan's Federal Minister for Finance and Revenue, Muhammad Aurangzeb, stated that the country "must regulate, not only to catch up but to lead."
"We are creating a forward-looking framework to protect consumers, attract global investment, and place Pakistan at the forefront of financial innovation," Aurangzeb added.
According to a statement from the Ministry of Finance cited by Dawn, the approval to establish PVARA was described as "a key turning point." This move is part of a broader effort by Pakistani authorities to expand the cryptocurrency and digital finance sector.
The strategy faces obstacles. Last week, the International Monetary Fund (IMF) reportedly rejected Pakistan's proposal to provide subsidized electricity to energy-intensive industries, including Bitcoin (BTC) miners.
Earlier in May, reports indicated that Pakistan had reserved 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers.
These efforts are led by the Pakistan Crypto Committee and supported by the Ministry of Finance.
In early June, Pakistan's Minister of State for Crypto and Blockchain, Bilal Bin Saqib, met with Cantor Fitzgerald Chairman and CEO Brandon Lutnick and New York City Mayor Eric Adams.
During the meeting with Lutnick, Saqib discussed "tokenization, Bitcoin mining, Pakistan's Web3 future, and avenues for collaboration." Similarly, in the meeting with Adams, the two explored cooperation between New York City and the Pakistan Crypto Committee.
Also in early June, Saqib met with Robert "Bo" Hines, Executive Director of the U.S. Presidential Advisory Council on Digital Assets, during a visit to the White House. Discussions were dominated by crypto initiatives, such as Pakistan's mining operations or Bitcoin reserves.
Related: How Bhutan is Boosting Its Local Economy Through the Crypto Tourism Industry
Original: “Pakistan Launches Cryptocurrency Regulator to Regulate Digital Assets Industry”
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