Pakistan took a decisive step into the digital future with the inaugural meeting of the Pakistan Virtual Assets Regulatory Authority (PVARA) in Islamabad. The high-level gathering included Finance Minister Senator Muhammad Aurangzeb, PVARA Chairman Bilal bin Saqib, the Governor of the State Bank of Pakistan, as well as top officials from the Ministries of IT, Law, FBR, SECP, and the National Cyber Crime Investigation Agency.
The Finance Minister described the establishment of PVARA as a “transformative milestone” in Pakistan’s economic evolution, with the goal of positioning the country as a key player in the global virtual assets economy. He also credited the Pakistan Crypto Council (PCC) for laying the groundwork through extensive consultations with institutions, experts, and stakeholders.
Key priorities were discussed during the board meeting:
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Alignment with international AML/CFT standards,
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Drafting of a licensing framework for market participants,
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Creation of sandbox programs to test innovation,
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Development of structures for taxation policies and global cooperation.
One of the most notable topics was the potential withdrawal of BPRD Circular No. 03 of 2018, which had prohibited banks and financial institutions from dealing with cryptocurrencies and tokens. If repealed, this move could open the door for Bitcoin and blockchain companies to operate more freely within Pakistan’s financial sector.
The Authority also announced plans to launch a complaint portal in collaboration with the National Cyber Crime Investigation Agency, aimed at improving transparency and consumer protection. For the first six months, the board will convene bi-monthly meetings to ensure close monitoring and stakeholder engagement.
PVARA Chairman Bilal bin Saqib called the day “a historic moment for Pakistan’s virtual assets ecosystem,” stressing the Authority’s dual mission: to safeguard financial integrity while fostering trust, investment, and innovation.
By creating PVARA, Pakistan is signaling a structured and forward-looking approach toward crypto and blockchain regulation. This could have ripple effects not only domestically but also across Asia’s Bitcoin and crypto markets.