ISLAMABAD: The federal cabinet has formally approved the creation of the Pakistan Virtual Assets Regulatory Authority (PVARA), marking a landmark step toward building a comprehensive legal and institutional framework for the country’s growing digital assets ecosystem.
In a statement issued Monday, the Office of the Special Assistant to the Prime Minister/Minister of State on Blockchain and Crypto Bilal Bin Saqib confirmed that the proposed authority will function as an independent regulator. PVARA will be tasked with licensing, monitoring, and supervising virtual asset service providers (VASPs), while ensuring compliance with Financial Action Task Force (FATF) guidelines and international best practices.
This major milestone follows the launch of the Pakistan Crypto Council (PCC) on 14 March 2025, which signaled the start of a new era in Pakistan’s digital finance journey. Led by Finance Minister Muhammad Aurangzeb as Chairman and Bilal Bin Saqib, Special Assistant to the Prime Minister on Blockchain and Crypto, as CEO, the PCC has spearheaded efforts to regulate and enable blockchain, digital currencies, and tokenized assets responsibly and in an innovation-friendly environment.
The PCC has also brought on global blockchain leaders, including former Binance CEO Changpeng Zhao (CZ), as strategic advisors. The council comprises top institutional stakeholders such as the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Governor of the State Bank of Pakistan, the Federal Secretary of Law, and the Federal Secretary of Information Technology, ensuring a whole-of-government approach to digital asset regulation.
On 28 May 2025, during the Bitcoin 2025 Conference in Las Vegas, Bilal Bin Saqib announced the establishment of Pakistan’s first Strategic Bitcoin Reserve, designed to hold Bitcoin for long-term macroeconomic resilience. The government also allocated 2,000 megawatts of surplus electricity for Bitcoin mining and AI data centers, tapping into Pakistan’s unused energy potential to support digital finance and computational growth.
With the cabinet’s approval, the Pakistan Virtual Assets Regulatory Authority is set to play a pivotal role once formal legislation is enacted. PVARA will issue licenses, supervise VASPs, set technical standards, and ensure alignment with FATF, IMF, and World Bank requirements. It will also enforce consumer protection, anti-money laundering measures, and cyber risk safeguards across all virtual asset transactions in Pakistan.
This integrated strategy — combining sovereign crypto reserves, dedicated energy for blockchain, and strong regulatory oversight — highlights Pakistan’s ambition to become a leading digital assets hub in South Asia. The official statement noted that Pakistan is emerging as one of the most promising frontier markets for digital assets, with over 40 million crypto users and an estimated $300 billion annual trading volume via informal channels.
Despite past regulatory uncertainty, Pakistan’s youthful population — with over 70% under age 30 — has been quick to adopt blockchain technology. Coupled with a population of 240 million and rapidly expanding digital infrastructure, Pakistan stands poised to build a secure, inclusive, and innovation-driven crypto economy under the oversight of the Pakistan Virtual Assets Regulatory Authority.