The Pakistan Virtual Assets Regulatory Authority (PVARA) held its inaugural board meeting in Islamabad, marking a significant step in the country’s digital and blockchain development. Finance Minister Senator Muhammad Aurangzeb called it a milestone and praised the Pakistan Crypto Council (PCC) for its foundational role.
Key decisions included:
- Aligning PVARA with international AML/CFT standards.
- Recommending independent directors with virtual asset expertise.
- Drafting core regulatory frameworks and a licensing system.
- Establishing specialized committees on sandbox testing, taxation, regulations, and global engagement.
- Launching a complaint portal with the National Cyber Crime Investigation Agency (NCCIA).
- Reviewing the withdrawal of SBP’s 2018 circular banning financial institutions from dealing in virtual currencies.
PVARA will conduct bi-monthly meetings for the first six months to ensure continued consultation and feedback. The government reaffirmed its commitment to promoting secure and responsible virtual asset adoption.