The Pakistan Virtual Assets Regulatory Authority (PVARA) has convened its first formal Authority meeting under the Virtual Assets Act, 2026, marking a key step in the country’s efforts to establish a regulated virtual asset ecosystem.
According to an official press release issued in Islamabad on April 7, 2026, the Authority confirmed its formal composition, approved recruitment committees, and issued a regulatory directive on promotional activities related to virtual assets.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, participated in the meeting on special invitation. He appreciated the Authority’s efforts to attract investors for hedging and diversified asset allocation, calling the passage of the Virtual Assets Act “an important milestone” and stressing the need for fast-tracking the licensing regime.
The meeting was chaired by Bilal Bin Saqib, Chairperson of PVARA. It was also attended by the Deputy Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan, the Additional Secretary Finance, the Secretary Law and Justice, and the Chairman of the National AML-CFT Authority.
During the session, the Authority approved recruitment committees across all hiring tiers and noted that job advertisements have already been published. It also approved a regulatory directive requiring prior No Objection Certificate (NOC) from PVARA for all virtual asset promotional and marketing activities during the transition period.
The Authority reviewed progress made since its establishment and outlined institutional priorities under the new legislative framework. It also confirmed steps taken to strengthen oversight and operational readiness.
Speaking at the meeting, Chairperson Bilal Bin Saqib said the enactment of the Virtual Assets Act, 2026 provides PVARA with a permanent statutory foundation. He added that the meeting reflects the transition of legislative progress into operational reality and emphasized that Pakistan is moving forward with urgency toward a compliant and regulated virtual asset ecosystem.
Within a year of its establishment, PVARA has issued No Objection Certificates to international virtual asset exchanges, established a regulatory sandbox framework, and signed memoranda of understanding with international regulatory counterparts. The Authority stated that these steps are part of broader efforts to develop a robust regulatory architecture.
With the Virtual Assets Act now enacted, PVARA has also launched a recruitment drive to build institutional capacity, aiming to transition Pakistan’s virtual asset framework from early-stage development to full-scale operation.
The Authority noted that Pakistan ranks among the top three countries globally in crypto adoption. It reiterated its commitment to building a regulatory framework that protects consumers, ensures financial integrity, and positions the country as a destination for responsible virtual asset innovation.
