The Pakistan Virtual Assets Regulatory Authority (PVARA) has reviewed progress on the development of its regulatory framework as the authority moves closer to establishing a fully operational licensing regime for virtual asset service providers in Pakistan. A meeting of PVARA was held at the authority’s office under the chairmanship of Minister of State and PVARA Chairman Bilal Bin Saqib MBE, bringing together senior officials from financial, legal, regulatory and government institutions to discuss developments related to the country’s emerging virtual assets regulatory framework.
The meeting was attended by State Bank of Pakistan Governor Jameel Ahmad, Finance Secretary Imdad Ullah Bosal, Secretary Law and Justice Raja Naeem Akbar, Securities and Exchange Commission of Pakistan Chairman Kabir Ahmed Sidhu, Director General of the AML and CFT Authority Dr. Ehsan Sadiq, and Chairman PDA Dr. Sohail Munir. The participation of senior representatives from these institutions reflects the cross-sector nature of virtual asset regulation, which involves financial services, monetary policy, corporate regulation, anti-money laundering and counter-terrorism financing requirements, as well as legal and policy considerations.
During the meeting, the authority reviewed progress on its broader regulatory framework and advanced work on both HR Regulations and Licensing Regulations. The licensing regulations are particularly significant for virtual asset service providers, as a formal licensing regime would establish a regulatory structure through which businesses operating in the virtual assets sector can seek authorization and operate within defined requirements. The development of these regulations represents an important stage in Pakistan’s efforts to establish clearer oversight for businesses involved in virtual asset-related services.
PVARA’s work on the licensing framework comes as Pakistan continues to develop its approach toward the regulation and oversight of virtual assets. Establishing defined licensing requirements can provide regulatory clarity for service providers while also creating mechanisms for authorities to monitor activities within the sector. The involvement of institutions such as the SBP, SECP and AML and CFT Authority highlights the importance of coordinating financial regulation, compliance requirements and safeguards as Pakistan develops its virtual asset framework. The regulatory process is also expected to address requirements applicable to businesses seeking to operate as virtual asset service providers.
The authority said the progress on the HR and Licensing Regulations takes Pakistan closer to a fully operational licensing regime for virtual asset service providers. Once implemented, the framework could establish a more structured environment for companies operating in the virtual assets market while giving regulators clearer mechanisms for oversight. The latest meeting demonstrates that PVARA is continuing work on the institutional and regulatory foundations required for the licensing regime, with senior government and financial sector officials involved in the process. The development marks another step in Pakistan’s ongoing efforts to establish formal regulatory oversight for the virtual assets sector.
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