Pakistan has officially launched the Pakistan Virtual Assets Regulatory Authority (PVARA), a newly established independent body tasked with overseeing the country's digital asset industry. PVARA will be responsible for licensing, monitoring, and supervising virtual asset service providers, with a clear mandate to ensure compliance with global standards, including those set by the Financial Action Task Force (FATF). Finance Minister Muhammad Aurangzeb emphasized the importance of forward-looking regulation, stating that Pakistan must not only catch up but also take the lead in building a future-ready digital finance framework. Despite facing challenges such as the IMF's rejection of a proposal to offer subsidized electricity for Bitcoin mining, Pakistan remains committed to its digital finance ambitions. The country had previously allocated 2,000 megawatts of surplus electricity for BTC mining and AI initiatives. This regulatory move places Pakistan among the first South Asian nations to implement a dedicated crypto oversight authority, highlighting its intent to stay competitive in the evolving global digital economy. Additionally, Minister Bilal Bin Saqib has engaged with former U.S. officials to explore international cooperation on crypto policies and potential Bitcoin reserve strategies.
