The Pakistan Virtual Assets Regulatory Authority (PVARA) convened its inaugural board meeting in Islamabad, signaling a decisive step toward integrating blockchain, cryptocurrencies, and virtual assets into Pakistan’s financial ecosystem. The meeting marked the first formal effort to position Pakistan as a serious player in the global digital economy while addressing the regulatory vacuum that has persisted for years.
One of the most significant agenda items discussed was the possible withdrawal of the State Bank of Pakistan’s BPRD Circular No. 03 of 2018, which had prohibited banks and financial institutions from dealing in cryptocurrencies and virtual tokens. The lifting of this restriction, if approved, would pave the way for banks, fintechs, and regulated entities to participate in crypto-related activities under a defined regulatory framework.
The Board also approved the establishment of a complaint portal in collaboration with the National Cyber Crime Investigation Agency (NCCIA). This initiative aims to create a transparent mechanism for citizens to report issues related to virtual assets, ensuring timely redressal and building trust in the emerging sector.
Speaking at the meeting, PVARA Chairman Bilal bin Saqib emphasized that the authority’s mandate is to balance financial integrity with innovation. “PVARA will safeguard financial integrity while fostering innovation, investment, and opportunity in the virtual assets space. Our goal is to build trust domestically and enhance Pakistan’s credibility as a forward-thinking player in the global virtual assets economy,” he remarked.
The meeting was attended by key figures, including Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, who joined as a special invitee. Also present were the Governor of the State Bank of Pakistan, the Federal Secretaries of IT and Law, the Chairmen of the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP), as well as stakeholders from the NCCIA and Pakistan Crypto Council (PCC).
The Finance Minister hailed the establishment of PVARA as a milestone in Pakistan’s economic evolution, stressing that it has the potential to transform the country’s financial landscape. He acknowledged the pivotal role played by the Pakistan Crypto Council in facilitating consultations with institutions, experts, and international stakeholders, which helped shape the framework of the new authority.
During the meeting, the Board outlined immediate priorities, including aligning PVARA’s operations with global Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) standards. Proposals for appointing independent directors with expertise in blockchain and virtual assets were reviewed, along with the draft of a licensing framework to govern digital asset operations in Pakistan.
In a bid to accelerate progress, the Board agreed to establish specialized committees tasked with sandbox experimentation, taxation policy development, regulatory drafting, and international engagement. These committees will help refine Pakistan’s strategy for integrating virtual assets while mitigating risks associated with volatility, misuse, and compliance challenges.
To ensure accountability and responsiveness, PVARA also decided to convene bi-monthly meetings during its initial six months of operation, allowing for continuous stakeholder engagement and iterative policy adjustments.
The Finance Minister reiterated the government’s support for the authority, stressing that responsible adoption of virtual assets can strengthen Pakistan’s financial system, improve transparency, and prevent illicit financial flows. With global crypto markets maturing and regulatory clarity increasing across several jurisdictions, Pakistan’s pivot toward structured oversight may position it as a competitive hub for digital finance in South Asia.
If the State Bank’s crypto ban is officially lifted, industry experts believe it could unlock significant opportunities for banks, startups, and investors eager to participate in the digital asset economy. Analysts point out that Pakistan’s young, tech-savvy population and expanding fintech ecosystem make it well-placed to adopt virtual assets, provided that strong regulatory frameworks ensure security, accountability, and compliance with international standards.
The establishment of PVARA and its early discussions reflect a broader commitment by Pakistan to embrace the digital economy and reduce barriers to innovation. With coordinated support from financial regulators, ministries, and industry stakeholders, the country is preparing to take its first structured steps into the world of blockchain and cryptocurrencies.