Virtual Assets Regulator Becomes Operational as FBR Officials Join Oversight Role

The government has officially operationalized the Pakistan Virtual Assets Regulatory Authority (PVARA), with the inclusion of Federal Board of Revenue (FBR) officials to oversee crucial areas such as market surveillance, risk management, and anti-money laundering (AML) compliance.

First Board Meeting and Initial Steps

According to a notification issued by the FBR on Thursday, the first meeting of the PVARA Board focused on steps needed to make the authority functional. During the session, members agreed that additional human resources will be temporarily allocated to ensure the smooth initiation of PVARA’s operations.

Challenges Faced So Far

The notification highlighted that no officer has been formally appointed to PVARA yet. This lack of staff has hampered the authority’s ability to function effectively and has already caused delays in its work.

Despite these initial challenges, the authority is expected to play a critical role in Pakistan’s economic strengthening. It has been tasked with overseeing the regulation of virtual assets while also improving Pakistan’s global image in financial transparency and compliance.

Importance of PVARA

Officials stressed that the authority’s responsibilities go beyond routine regulation. By focusing on anti-money laundering safeguards, risk assessment mechanisms, and effective oversight of virtual asset markets, PVARA is positioned to support:

• Better financial governance
• Enhanced investor protection
• Compliance with international standards