Pakistan has launched the Pakistan Virtual Asset Regulatory Authority (PVARA) aimed at regulating cryptocurrencies and digital assets in the country.
Establishment of PVARA for Digital Asset Regulation
PVARA was established on July 8, 2025, marking a significant step towards adopting blockchain technology in Pakistan. The authority is designed in line with international standards and is intended to oversee virtual asset service providers.
Goals and Functions of PVARA
PVARA is tasked with licensing and ensuring compliance with standards set by the Financial Action Task Force (FATF). Led by Finance Minister Muhammad Aurangzeb and CEO Bilal Bin Saqib, PVARA aims to create a robust regulatory framework for digital assets in the country.
Historical Context and Market Impact
The launch of PVARA positions Pakistan alongside countries like the UAE and Singapore, which have seen growth in digital asset markets after implementing similar regulations. According to CoinMarketCap, the current price of Bitcoin is $108,788.69 with a market cap of $2.16 trillion.
The establishment of PVARA underscores Pakistan's efforts in regulating digital assets and its intent to attract quality investments, which could lead to significant market growth.
