On August 26, 2025, the Government of Pakistan's Finance Division issued a press release (PR No. 248) announcing the inaugural board meeting of the Pakistan Virtual Assets Regulatory Authority (PVARA).
This meeting was held as an important step in Pakistan's initiative to adopt blockchain, virtual assets, and the digital economy. Finance Minister Muhammad Aurangzeb, who attended as a special invitee, praised the establishment of PVARA as a transformative milestone for the country's economic evolution and emphasized its role in making Pakistan a leader in the global virtual assets economy.
Key outcomes and decisions of the meeting include:
PVARA Operationalization: The board discussed key measures for operating the authority in accordance with international anti-money laundering and counter-terrorism financing (AML/CFT) standards.
Directors Appointment: Recommendations for the appointment of independent directors with expertise in virtual assets have been approved.
Regulatory Framework: The board focused on establishing a foundational regulatory framework for monitoring virtual asset activities in Pakistan.
Circular Return: Discussions were held regarding the potential return of the State Bank of Pakistan's 2018 circular that prohibited financial institutions from dealing in virtual currencies.
Formation of Committees: Agreement was reached on dedicated committees focusing on sandbox experiments, taxation policies, regulatory drafting, and international engagement.
Draft Licensing Framework: The proposed draft of the licensing framework was shared for consultation with members.
Complaints Portal: The board approved the creation of a complaints portal in collaboration with the National Cyber Crime Investigation Agency (NCCIA) to address concerns and provide redress related to virtual assets.
The Finance Minister reiterated the government's support for PVARA, stating that it will play a crucial role in promoting the responsible adoption of virtual assets and strengthening the country's financial system against illegal activities.