Pakistan Launches Virtual Assets Regulatory Authority (PVARA)
In a major shift, Pakistan has established the Pakistan Virtual Assets Regulatory Authority (PVARA) to regulate cryptocurrencies. This move ends the sector's previous "gray area" status and explicitly withdraws the State Bank of Pakistan's 2018 ban, finally permitting formal banking transactions for crypto.
The framework mandates that only licensed and registered exchanges can operate, ensuring investor protection under global Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) standards. A dedicated complaint portal will be established to address fraud.
This regulation is expected to unlock significant opportunities for freelancers, businesses, and startups by integrating them into the global digital economy. It aims to strengthen Pakistan's international standing and propel its advancement as a secure, competitive player in the digital finance space.