ISLAMABAD: The Pakistan government has
formally approved the "Virtual Assets Act, 2025," following endorsements from the Federal Cabinet, Prime Minister Shehbaz Sharif, and President Asif Ali Zardari to establish a regulatory authority that will ensure Shariah compliance of virtual assets.
The law establishes the Pakistan Virtual Asset Regulatory Authority (PVARA), an autonomous federal body empowered to license, regulate, and supervise entities dealing in virtual assets, according to press release issued by Office of the Special Assistant to PM/Minister of State on Blockchain and Crypto.
The Authority has been granted comprehensive powers to ensure transparency, compliance, financial integrity, and the prevention of illicit activities, in alignment with international standards including those of the Financial Action Task Force (FATF).
The Board of the Authority will include key government stakeholders, such as the Governor of the State Bank of Pakistan, Secretaries of Finance, Law and Justice, and Information Technology and Telecommunications, as well as the Chairpersons of the Securities and Exchange Commission of Pakistan (SECP), the Federal Board of Revenue (FBR), and the Digital Pakistan Authority.
Additionally, two independent directors with expertise in virtual assets, law, finance, or technology will be appointed by the Federal Government. The Chairperson, appointed on the basis of demonstrated experience in finance, law, technology, or regulatory affairs, will oversee the Authority's functions.
Under the Act, any person or company intending to offer virtual asset services in or from Pakistan must be licensed by the Authority. A structured licensing regime will be introduced, with specific requirements for incorporation, operational capacity, compliance
