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Pakistan convened the first board meeting of the Pakistan Virtual Assets Regulatory Authority (PVARA) in Islamabad on August 26, 2025. The session brought together senior officials and industry stakeholders to fast-track rules for crypto exchange wallets and related services. The meeting signals a clear move from discussion to formal regulation in Pakistan’s virtual assets sector.
Finance Minister Senator Muhammad Aurangzeb was a special invitee to the meeting along with Minister of State during the meeting, Bilal bin Saqib, and Chairman of the PVARA. Senior representatives of SBP, IT, Law and Justice, FBR, SECP, and NCCIA also attended.
The board meeting included the finance minister as a special invitee, the chairman of PVARA, the central bank governor, the heads of major regulatory agencies, and representatives from law enforcement and the private sector. Attendees agreed to prioritise international anti-money laundering and counter financing of terrorism standards while building a licensing regime for virtual asset service providers.
Members reviewed a draft licensing framework and approved the creation of specialist committees for sandbox trials, taxation rules, regulatory drafting, and global engagement. The board also set a schedule of bi-monthly meetings for the first 6 months to gather regular stakeholder feedback and to refine operational details.
The authority approved a public complaint portal to be developed with the National Cyber Crime Investigation Agency to help citizens report fraud and to speed the investigation of illicit activity in the sector. The board discussed withdrawing the 2018 circular that had effectively stopped banks from dealing with virtual assets and considered steps needed to bring banks back into regulated activity under clear safeguards.
The inaugural meeting follows the recent enactment of a virtual assets law and the cabinet approval that created PVARA earlier this year. Regulators are moving to align Pakistan with global norms while also seeking to unlock investment and innovation in blockchain and digital finance. Officials have signalled work on a digital currency pilot and on measures to protect investors.
Chairman Bilal bin Saqib noted that PVARA will protect financial integrity and, at the same time, foster innovation, investment, and opportunity within the virtual assets sector. He said that this should aim at building domestic confidence and turning Pakistan into a reputable international actor.
The PVARA launch has given the government a deadline-driven route toward licensing oversight and consumer protection in a market space that is already generating a lot of focus. The next several weeks will present how rapidly draft rules are codified and how industry and banks adjust to a regulated virtual asset market.
