ISLAMABAD (Commerce Desk): Pakistan has moved closer to introducing a comprehensive licensing system for virtual asset service providers. Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib described the development as a significant step forward for the country’s virtual asset sector.
The third meeting of PVARA reviewed progress on the proposed regulatory framework for virtual assets. The meeting was attended by the Governor of the State Bank, the Finance Secretary, the Law Secretary, the Chairman of SECP, the Chairman of the Pakistan Digital Authority, and other senior officials.
The meeting also reviewed progress on human resources and licensing laws, as well as developments in establishing a complete licensing system for virtual asset service providers.
Bilal Bin Saqib said PVARA’s progress was an important milestone for Pakistan’s virtual asset sector. According to him, the new regulatory framework will be based on a transparent, modern, and risk-sensitive system aimed at ensuring responsible innovation, market transparency, and protection for consumers and investors.
He said PVARA was committed to establishing a secure, transparent, and internationally aligned regulatory environment. The authority will continue taking measures to promote responsible investment and the growth of the digital economy, while the new system will encourage innovation without compromising the integrity of the financial system.