《FinTax: Interpretation of Pakistan's Virtual Asset Law》Pakistan has passed the '2026 Virtual Asset Law,' establishing the Virtual Asset Regulatory Authority (PVARA), marking a shift from prohibition to institutionalization in regulation. The core of the law focuses on licensing access, client asset segregation, anti-money laundering requirements, and the 'substance over form' classification principle, while building a tiered regulatory framework in collaboration with the central bank and securities regulatory agencies.