ISLAMABAD – The federal government has approved plans to set up the Pakistan Virtual Assets Regulatory Authority (PVARA) to manage and regulate all virtual asset activities, including cryptocurrencies.
The new body will oversee licensing, regulation, and supervision of virtual asset service providers, ensuring compliance with international standards set by the Financial Action Task Force (FATF) and the International Monetary Fund (IMF). The licensing framework is expected to be completed within three months.
To create a robust regulatory system, officials are consulting with countries where cryptocurrencies are already operational. PVARA will monitor user activity, keep transaction records, and work to prevent money laundering, with the ability to share data with local and global agencies upon federal approval.
The authority will issue guidelines aligned with FATF requirements, coordinate with other regulators, and enforce compliance to safeguard the financial system against illicit activities.
