Aurangzeb Hails Establishment of PVARA

Islamabad: Pakistan Virtual Assets Regulatory Authority (PVARA) held its first board meeting in Islamabad today, marking a pivotal step in Pakistan’s journey toward embracing blockchain, virtual assets, and the digital economy.

According to Radio Pakistan, Finance Minister Muhammad Aurangzeb, who attended the meeting as a special invitee, hailed the establishment of the authority as a transformative milestone in Pakistan’s economic evolution. He emphasized the Authority’s critical role in positioning Pakistan as a leader in the global virtual assets economy.

The Finance Minister reiterated the government’s unwavering support for the authority, underscoring its role in promoting the responsible adoption of virtual assets and strengthening Pakistan’s financial system against illicit activities.

Special Assistant to Prime Minister on Blockchain and Crypto Bilal bin Saqib stated that the Pakistan Virtual Assets Regulatory Authority will safeguard financial integrity while fostering innovation, investment, and opportunity in the virtual assets space. He mentioned that their goal is to build trust domestically and enhance Pakistan’s credibility as a forward-thinking player in the global virtual assets economy.

The board meeting agreed to form dedicated committees focused on sandbox experimentation, taxation policies, regulatory drafting, and international engagement. A draft of the proposed licensing framework was also shared with the members for consultation, which will be finalized in the coming days.

It also approved the creation of a complaint portal, developed in collaboration with the National Cyber Crime Investigation Agency (NCCIA), to address concerns related to virtual assets and provide timely redressal.