Pakistan Virtual Assets Regulatory Authority

Last updated
Pakistan Virtual Assets Regulatory Authority
پاکستان ورچوئل اثاثہ جات ریگولیٹری اتھارٹی
PVARA
Agency overview
FormedJuly 8, 2025
Jurisdiction Government of Pakistan
Headquarters Islamabad, Pakistan
MottoSecure. Transparent. Innovative.
Agency executive
  • Muhammad Aurangzeb, Chairperson
Parent department Ministry of Finance (Pakistan)

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]

Contents

History

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]

Purpose and Functions

The PVARA [7] was formed to:

The authority has been granted broad regulatory powers to ensure:

Structure

The governing board of PVARA includes:

Key Provisions

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]

References

  1. 1 2 3 4 5 6 Kiani, Khaleeq (2025-07-10). "Authority to regulate crypto and digital assets formed". DAWN.COM. Retrieved 2025-07-10.
  2. "Pakistan launches crypto regulatory body for digital asset sector". Cointelegraph. 2025-07-08. Retrieved 2025-07-10.
  3. 1 2 "Pakistan approves creation of Virtual Assets Regulatory Authority". Profit by Pakistan Today. 2025-07-08. Retrieved 2025-07-10.
  4. 1 2 Ahmed, Ashfaq (2025-07-08). "Pakistan lunches Virtual Assets Regulatory Authority to oversee growing crypto sector". Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema. Retrieved 2025-07-10.
  5. "Crypto News: Pakistan Launches New Crypto Regulatory Authority | CoinMarketCap". CoinMarketCap Academy. Retrieved 2025-07-10.
  6. 1 2 "'Virtual Assets Act, 2025' approved formally". 2025-07-09. Retrieved 2025-07-10.
  7. "Crypto Council to deliberate regulatory future of digital currency". www.radio.gov.pk. Archived from the original on 2025-05-30. Retrieved 2025-07-10.