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Pakistan launches regulatory body for cryptocurrencies in the digital assets sector.
Pakistan has established the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee and regulate the country's cryptocurrency sector.
The federal government of Pakistan has launched the Pakistan Virtual Assets Regulatory Authority (PVARA), a new body responsible for supervising the country's digital assets industry.
According to a report on Tuesday from the local English news agency Dawn, the PVARA will operate as an independent regulator tasked with granting licenses, monitoring, and supervising virtual asset service providers. It will also ensure compliance with international standards, including alignment with the guidelines of the Financial Action Task Force (FATF).
According to an announcement from late May by the Ministry of Finance of Pakistan, which supported the creation of the new regulatory body. Muhammad Aurangzeb, Federal Minister of Finance and Revenue of Pakistan, stated that the country "must regulate not only to catch up but to lead".
"We are creating a future-ready framework that protects consumers, invites global investment, and places Pakistan at the forefront of financial innovation," Aurangzeb added.
