The Pakistan Virtual Assets Regulatory Authority (PVARA) held its first board meeting today in Islamabad, marking a major step in Pakistan\u2019s journey toward embracing blockchain, virtual assets, and the digital economy.<\/p>\n
The Board approved the creation of a complaint portal, developed in collaboration with the National Cyber Crime Investigation Agency (NCCIA), to address concerns related to virtual assets and provide timely redressal. The Board also deliberated on the withdrawal of BPRD Circular No. 03 of 2018, issued by the State Bank of Pakistan, which had directed financial institutions to refrain from dealing in virtual currencies and tokens.<\/p>\n
Chairman Bilal bin Saqib remarked:<\/p>\n
PVARA will safeguard financial integrity while fostering innovation, investment, and opportunity in the virtual assets space. Our goal is to build trust domestically and enhance Pakistan\u2019s credibility as a forward-thinking player in the global virtual assets economy.<\/p><\/blockquote>\n
Finance Minister hailed the establishment of PVARA as a milestone in Pakistan\u2019s economic evolution. He emphasized the Authority\u2019s critical role in positioning Pakistan as a leader in the global virtual assets<\/a> economy. The Minister expressed gratitude to the Pakistan Crypto Council (PCC)<\/a> for its foundational contributions and extensive consultations with stakeholders, institutions, and experts, which were instrumental in establishing PVARA.<\/p>\n
The Board deliberated on key priorities, including operationalizing PVARA to align with international Anti-Money Laundering and Countering Financing of Terrorism (AML\/CFT) standards, recommending independent directors with expertise in virtual assets for approval, and establishing the Authority\u2019s core framework.<\/p>\n
To accelerate progress, the Board agreed to form dedicated committees focused on sandbox experimentation, taxation policies, regulatory drafting, and international engagement. A draft of the proposed licensing framework was also shared with the members for consultation, which will be finalized in the coming days.<\/p>\n
Additionally, PVARA will hold bi-monthly meetings for the first six months to ensure robust feedback and stakeholder consultation.<\/p>\n
The Finance Minister reiterated the government\u2019s unwavering support for PVARA, underscoring its role in promoting the responsible adoption of virtual assets and strengthening Pakistan\u2019s<\/a> financial system against illicit activities.<\/p>\n