Islamabad: The Senate Standing Committee on Cabinet Secretariat has approved the Virtual Assets Bill, 2025, paving the way for a comprehensive regulatory framework for cryptocurrencies and virtual asset services in Pakistan.
The bill, endorsed during a meeting chaired by Rana Mahmood-ul-Hassan, aims to establish the Pakistan Virtual Asset Regulatory Authority (PVARA) — an autonomous corporate body responsible for the licensing, regulation, and supervision of virtual asset service providers (VASPs) nationwide.
Under Section 6 of the proposed legislation, the authority will be empowered to protect investors and customers by enforcing robust safeguards, ensuring transparency, and maintaining market integrity. It will also oversee compliance with conduct-of-business standards to minimize financial risks associated with digital assets.
According to the Statement of Objects and Reasons, virtual assets are becoming an integral part of the modern financial ecosystem, necessitating a dedicated regulatory body to ensure investor protection, promote innovation, and uphold transparency. The proposed authority will help create a secure trading environment, curb illegal activities such as money laundering and fraud, and enhance Pakistan’s competitiveness in the global digital economy.
The bill further emphasizes the need for a strong legal framework to combat terrorist financing and other illicit activities while fostering financial inclusion, economic growth, and the development of Shariah-compliant virtual asset services aligned with international standards.
The meeting was attended by Finance Minister Muhammad Aurangzeb, senior government officials, and committee members including Sherry Rehman, Farooq Naek, Saleem Mandiwalla, Saadia Abbasi, Amir Chishti, Abdul Qadir, Samina Mumtaz Zehri, Jan Muhammad, Waqar Mehdi, and Afnan Ullah Khan.
The approval marks a major step toward formalizing cryptocurrency regulation in Pakistan, signaling growing institutional acceptance of digital assets.