Pakistan’s federal government has launched the Pakistan Virtual Assets Regulatory Agency (PVARA), a new agency responsible for overseeing the country’s digital assets industry.
According to Tuesday Report Through Dawn of the English-language local news media, PVARA will serve as an independent regulator responsible for licenses, monitoring and overseeing virtual asset service providers. It will also ensure compliance with international standards, including in line with the guidance of the Financial Action Working Group (FATF).
The report follows late May announcement The Ministry of Finance of Pakistan recognized the creation of the regulatory body. Pakistan’s Federal Minister of Finance and Income Muhammad Aurangzeb said the country “must not only regulate to catch up, but also lead.”
“We are creating a future-ready framework that protects consumers, invites global investments and places Pakistan at the forefront of financial innovation,” Aurangzeb added.
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Dawn quoted a statement from the country’s finance ministry, saying the approval of PVARA’s creation was “a key refractive point.” The move is part of a broader push by Pakistani authorities into the cryptocurrency and digital financing sectors.
The strategy has faced obstacles. Last week, it was reported that the International Monetary Fund (IMF) Rejected Pakistan’s proposal to provide subsidy power To energy-intensive industries including Bitcoin (BTC)miner.
Pakistan was reported in May 2,000 MW of surplus power specified Used for Bitcoin mining and AI centers.
These efforts are led by the Pakistan Crypto Commission and supported by the Ministry of Finance.
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In early June, Pakistan’s Minister of State for Crypto and Blockchain Bilal bin Saqib, Meet Brandon LutnickCantor Fitzgerald and New York City Mayor Eric Adams Chairman and CEO.
During the meeting with Lutnick, Saqib discussed “tokenization, Bitcoin mining, the future of Web3 in Pakistan and the path to cooperation.” Similarly, during the meeting with Adams, the two discussed cooperation between New York City and the Pakistan Crypto Commission.
Also in early June Saqib meets Robert “Bo” Hinesexecutive director of the Digital Assets Board of U.S. President Donald Trump, during his visit to the White House. Cooperation in Pakistan’s mining operations or crypto programs such as Bitcoin reserves led the discussion.
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