Pakistan Approves Launch of Crypto Regulatory Body
Pakistan’s federal government has introduced the Pakistan Virtual Assets Regulatory Authority (PVARA), an independent body responsible for regulating the country’s digital asset industry.
As reported by local outlet Dawn, PVARA will be in charge of licensing, supervising, and monitoring virtual asset service providers, while ensuring alignment with global standards such as those outlined by the Financial Action Task Force (FATF).
The development follows a May announcement from the Ministry of Finance, which backed the creation of the authority. Finance Minister Muhammad Aurangzeb emphasized the importance of not only keeping pace with global developments but leading them, stating, “We are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation.”
Despite resistance from the International Monetary Fund (IMF), Pakistan continues to push forward with its digital finance initiatives. The IMF recently rejected a proposal to subsidize electricity for power-intensive sectors like Bitcoin mining.
This came after earlier reports that the government allocated 2,000 megawatts of surplus energy for Bitcoin mining and AI centers—a strategy backed by the Pakistan Crypto Council and the Ministry of Finance.
In June, Minister of State for Crypto and Blockchain Bilal Bin Saqib held meetings with Cantor Fitzgerald CEO Brandon Lutnick and New York City Mayor Eric Adams to explore opportunities around tokenization, Bitcoin mining, and potential collaboration on Web3 initiatives.
He also met with Robert “Bo” Hines, executive director of Donald Trump’s Council on Digital Assets, during a visit to the White House, where discussions focused on crypto cooperation, including Pakistan’s mining strategy and Bitcoin reserves.
Sources:
https://cointelegraph.com/news/pakistan-launches-crypto-regulator-digital-assets