{"id":5521,"date":"2025-07-30T11:00:32","date_gmt":"2025-07-30T06:00:32","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=5521"},"modified":"2025-07-30T11:00:32","modified_gmt":"2025-07-30T06:00:32","slug":"govt-to-license-banks-and-exchange-companies-for-virtual-asset-operations","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=5521","title":{"rendered":"Govt to License Banks and Exchange Companies for Virtual Asset Operations"},"content":{"rendered":"

Islamabad \u2013 July 30, 2025<\/em> \u2014 The federal government has officially begun implementing its virtual asset regulatory framework with the aim of formalizing and regulating the growing digital asset space in Pakistan.<\/p>\n

A high-level meeting was held in Islamabad on Tuesday, bringing together key stakeholders including representatives from banks, exchange companies, and the jewellery sector. The session was organized to brief participants on the newly approved Virtual Assets Act, 2025<\/strong>, which received formal clearance from the Cabinet, Prime Minister, and President on July 9, 2025.<\/p>\n

A cornerstone of the new law is the establishment of the Pakistan Virtual Asset Regulatory Authority (PVARA)<\/strong> \u2014 a dedicated body that will oversee the licensing, regulation, and monitoring of all entities dealing in virtual assets, including cryptocurrencies. PVARA has been mandated to ensure compliance with international standards, particularly those outlined by the Financial Action Task Force (FATF)<\/strong>.<\/p>\n

During the briefing, stakeholders were informed that banks and exchange companies will be eligible for licensing<\/strong> under the new framework, allowing them to operate in the virtual asset sector in a regulated<\/a> manner.<\/p>\n

Governor of the State Bank of Pakistan<\/a>, Jameel Ahmed<\/strong>, who was also in attendance, reaffirmed the central bank\u2019s commitment to digital transformation. He revealed that legislation for a central bank digital currency<\/a> (CBDC)<\/strong> is in its final stages, with a pilot project<\/strong> expected to be launched in the near future.<\/p>\n

The meeting follows the government\u2019s earlier announcement in February 2025<\/strong> to form the Pakistan Crypto Council<\/strong><\/a>, a body tasked with coordinating national policy and promoting the responsible adoption of virtual assets.<\/p>\n

This move marks a significant step toward integrating Pakistan into the global digital financial ecosystem while addressing concerns related to compliance, security, and innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad – July 30, 2025 — The federal government has officially begun implementing its virtual asset regulatory framework with the aim of formalizing and regulating the growing digital asset space in Pakistan. A high-level meeting was held in Islamabad on Tuesday, bringing together key stakeholders including representatives from banks, exchange companies, and the jewellery sector. […]<\/p>\n","protected":false},"author":1,"featured_media":5522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1305],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t