In a landmark move toward regulating digital finance, the federal cabinet has officially approved the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA), a dedicated and independent body to govern the country’s virtual asset ecosystem.
According to an official announcement released late Monday, PVARA will serve as the central regulatory authority for virtual asset service providers (VASPs). The new authority will be tasked with licencing, supervising, and ensuring compliance with international standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and other global bodies.
The approval of PVARA is part of Pakistan’s broader digital finance reform agenda, spearheaded by the recently formed Pakistan Crypto Council (PCC) — launched on March 14, 2025. The Council is chaired by Finance Minister Muhammad Aurangzeb, with Bilal Bin Saqib, the Prime Minister’s Special Assistant on Blockchain and Crypto (with the status of Minister of State), serving as its CEO.
The PCC has taken a leading role in shaping Pakistan’s blockchain and crypto policy. It has brought together key figures from across government institutions, including the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Governor of the State Bank of Pakistan, and federal secretaries from the Law and IT ministries. International crypto leaders such as former Binance CEO Changpeng Zhao (CZ) have also joined as strategic advisers.
At the Bitcoin 2025 Conference in Las Vegas on May 28, Bilal Bin Saqib unveiled Pakistan’s first Strategic Bitcoin Reserve, marking a bold step toward building macroeconomic resilience through digital assets.
To support its digital finance ambitions, the government has also committed 2,000 megawatts of surplus electricity to power Bitcoin mining and AI data centers, tapping into Pakistan’s underutilized energy reserves to support high-performance computing and blockchain operations.
Once fully legislated, PVARA will play a central role in:
Issuing licences to VASPs
Enforcing anti-money laundering (AML) and cyber risk standards
Protecting consumers and investors
Coordinating with global financial institutions for compliance
This development represents a significant turning point in Pakistan’s bid to become a regional digital asset hub. With over 40 million crypto users and an estimated $300 billion in annual informal crypto trading, Pakistan is one of the largest untapped markets for digital assets.
Home to a 240 million-strong population, over 70% of whom are under 30, and supported by rapidly growing digital infrastructure, Pakistan is now laying the groundwork for a secure, regulated, and innovation-friendly crypto economy.
The establishment of PVARA signals the government’s intent to formalise the sector, attract foreign investment, and establish trust in the digital finance landscape — positioning Pakistan at the forefront of blockchain adoption in South Asia.
