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In a significant step toward regulating the digital asset sector, Pakistan’s parliament has officially passed the Virtual Assets Act, creating a new regulatory body responsible for overseeing cryptocurrency activities across the country.
The new authority, called the Pakistan Virtual Assets Regulatory Authority (PVARA), will serve as the official licensing and supervisory institution for companies operating in the crypto and digital asset industry. The regulator will be responsible for issuing licenses, monitoring compliance, and ensuring that crypto businesses follow financial and security standards within Pakistan.
The move marks a major shift in Pakistan’s approach to digital assets. For years, cryptocurrency trading in the country existed in a regulatory gray area, with authorities warning about risks but lacking a clear legal framework. With the approval of the Virtual Assets Act, the government aims to bring structure, transparency, and investor protection to the rapidly growing sector.
Under the new law, crypto exchanges, wallet providers, and other virtual asset service providers will be required to obtain licenses from the Pakistan Virtual Assets Regulatory Authority before operating legally in the country. The regulator will also be tasked with enforcing anti-money laundering (AML) and counter-terrorism financing (CTF) standards to align Pakistan with international financial regulations.
Supporters of the legislation say the new framework could help attract foreign investment, encourage innovation in blockchain technology, and support the development of Pakistan’s digital economy. At the same time, regulators believe the law will help reduce fraud, protect consumers, and bring greater accountability to the crypto market.
The establishment of the Pakistan Virtual Assets Regulatory Authority signals Pakistan’s intention to formally integrate digital assets into its financial system while maintaining oversight of the rapidly evolving crypto industry.
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