Pakistan has established the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee the country’s digital asset industry. Announced by the federal government, the new regulatory body will license, monitor, and supervise virtual asset service providers, ensuring compliance with international standards, including FATF guidelines. Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, emphasized the need for Pakistan to lead in financial innovation, indicating this move as a vital step toward a future-ready framework that protects consumers and attracts global investment. This initiative follows earlier endorsements from the Ministry of Finance and is part of a broader strategy to expand into the crypto and digital finance space despite facing challenges, such as reported IMF pushback against energy-intensive industries, including Bitcoin mining. The government is also exploring collaborations on tokenization and Web3 initiatives with notable figures and organizations, indicative of a sustained push towards integrating cryptocurrency into Pakistan’s economy.

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