5 days ago
- Business
- Business Recorder
Cryptocurrency, virtual assets: ‘PVARA' Ord to be tabled in Senate tomorrow
ISLAMABAD: Finance Minister Muhammad Aurangzeb is scheduled to lay before the Upper House of the Parliament the Virtual Assets Ordinance, 2025 - a law that provides for the formation of a regulatory authority to deal with cryptocurrency and other virtual assets - in the Senate session scheduled Friday (Aug 15).
Promulgated this 8 July, the Ordinance aims to establish the Pakistan Virtual Asset Regulatory Authority (PVARA) for the licensing, regulation, and supervision of virtual assets and virtual asset service providers.
'The President may, except when the Senate or National Assembly is in session, if satisfied that circumstances exist which render it necessary to take immediate action, make and promulgate an ordinance as the circumstances may require,' reads Article 89 (1) of the Constitution of Pakistan.
An ordinance, in the light of the Article 89, remains in effect for 120 days, and it can be extended only once for a further period of 120 days, if a resolution for its extension is passed by either Senate or NA, and stands permanently lapsed after the passage of the extended period.
Apart from that, the Senate is scheduled to take up four government bills, already passed by the NA, in its session scheduled tomorrow.
Of these bills, three bills —the Anti-terrorism (Amendment) Bill, 2025, the Petroleum (Amendment) Bill, 2025 and National School of Public Policy (Amendment) Bill, 2025 were passed by the NA on Wednesday.
The fourth bill, Pakistan Land Port Authority Bill, 2025 was passed by the NA on 7 August.
The government side, it is learnt, would try to have these bills passed directly by the Senate without having them referred to the relevant standing committees. The Anti-terrorism (Amendment) Bill, 2025 apparently grants sweeping powers to the law enforcement agencies in nabbing the terror suspects.
The Petroleum (Amendment) Bill, 2025 aims at introducing 'IT-based tracking of petroleum products, to curb the smuggling of petroleum products.'
National School of Public Policy (Amendment) Bill, 2025 seeks to 'make amendments in the respective acts/rules and replace the words federal government with appropriate authority (ies)' in running the affairs of the National School of Public Policy.
The Pakistan Land Port Authority Bill, 2025 aims to 'establish a land port authority to provide and administer an integrated system of facilities for cross-border movement of goods and passengers at land ports in Pakistan and to make provision for its operation, management, development of land port and matters connected therewith and ancillary matter.'
Copyright Business Recorder, 2025
