Pakistan is moving closer to introducing a comprehensive licensing regime for virtual asset service providers, according to Bilal Bin Saqib, Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA). The development was discussed during PVARA’s third meeting, where officials reviewed progress on regulations governing the country’s growing virtual assets sector.
The meeting brought together senior government and financial sector officials, including the Governor of the State Bank of Pakistan, Finance Secretary, Law Secretary, Chairman of the Securities and Exchange Commission of Pakistan, and Chairman of the Pakistan Digital Authority. Discussions focused on key elements of the regulatory framework, particularly human resource requirements and licensing regulations for virtual asset businesses.
Officials noted that Pakistan is now nearing the establishment of a full licensing system for Virtual Asset Service Providers (VASPs). The framework is being designed to provide clearer requirements for companies operating in the virtual assets sector while establishing regulatory oversight for activities involving digital assets.
Saqib said the upcoming framework would be transparent, modern and risk-based, with an emphasis on responsible innovation, market transparency, and consumer and investor protection. The Pakistan Virtual Assets Regulatory Authority has been established as the dedicated regulator responsible for licensing, supervising and regulating virtual assets and VASPs operating in the country.
The move represents another step in Pakistan’s efforts to formalise its digital assets sector through a structured regulatory framework. PVARA has said it will continue developing rules aligned with international standards while creating a regulated environment for virtual asset businesses and supporting the broader growth of the digital economy.
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