The Pakistani government establishes the Virtual Assets Regulatory Authority PVARA as an independent regulatory body for virtual asset service providers.

According to Foresight News, reported by Dawn, the Pakistani government has officially announced the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) as an independent regulatory body for virtual asset service providers (VASP). It will be responsible for licensing, monitoring, and supervision to ensure compliance with the guidelines set by the Financial Action Task Force (FATF) and international best practices. Once the legislation is passed, the authority will be responsible for issuing licenses, regulating virtual asset service providers, setting technical standards, and coordinating compliance with the guidelines of the Financial Action Task Force, the International Monetary Fund, and the World Bank. The statement also added that the authority will oversee the public protection mechanisms for all domestic virtual asset transactions, anti-money laundering agreements, and cyber risk mitigation measures.