Pakistan’s Virtual Asset Authority Considers Lifting SBP Crypto Ban

The Pakistan Virtual Assets Regulatory Authority (PVARA) convened its inaugural board meeting today in Islamabad, marking a significant milestone in the country’s journey toward embracing blockchain, virtual assets, and the broader digital economy.

Complaint Portal to Address Virtual Asset Concerns

During the session, the Board approved the establishment of a complaint portal in collaboration with the National Cyber Crime Investigation Agency (NCCIA). This platform will enable individuals and institutions to raise concerns related to virtual assets and ensure timely redressal of complaints.

The Board also deliberated on the possible withdrawal of BPRD Circular No. 03 of 2018, issued by the State Bank of Pakistan, which had prohibited financial institutions from dealing in virtual currencies and tokens.

PVARA’s Mission and Commitment

Speaking at the meeting, Chairman Bilal bin Saqib emphasized PVARA’s role in balancing 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.”

Finance Minister’s Remarks

The Finance Minister hailed the creation of PVARA as a milestone in Pakistan’s economic evolution, underscoring the Authority’s vital role in shaping the country’s position within the global digital finance sector.

He expressed appreciation for the Pakistan Crypto Council (PCC), whose foundational work and extensive consultations with stakeholders, institutions, and experts played a crucial role in establishing the Authority.

Key Priorities and Strategic Initiatives

The Board identified several priorities for the initial phase of operations:

• Aligning PVARA with international Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) standards.
• Recommending independent directors with expertise in virtual assets for approval.
• Establishing the core regulatory framework for PVARA.

To drive progress, the Board agreed to create dedicated committees tasked with sandbox experimentation, taxation policy development, regulatory drafting, and international engagement. A draft licensing framework was also presented to members for consultation and will be finalized in the coming days.

In addition, the Authority will hold bi-monthly meetings over the next six months to ensure consistent stakeholder engagement and feedback.

Government’s Support and Vision

Reaffirming the government’s full backing, the Finance Minister highlighted PVARA’s importance in promoting the responsible adoption of virtual assets while strengthening safeguards against illicit activities.

Attendees at the First Board Meeting

The meeting was attended by:

• Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue (special invitee).
• Bilal bin Saqib, Minister of State for Crypto and Blockchain, and PVARA Chairman.
• The Governor of the State Bank of Pakistan.
• Federal Secretaries from the Ministries of IT and Law and Justice.
• Chairman of the Federal Board of Revenue (FBR).
• Chairman of the Securities and Exchange Commission of Pakistan (SECP).
• Representatives from the National Cyber Crime Investigation Agency (NCCIA).

With its first meeting, PVARA has set the stage for building a strong regulatory ecosystem that encourages innovation, protects investors, and positions Pakistan as a serious contender in the global virtual assets economy.