Latest news with #PVARA
Arab News
19 minutes ago
- Business
- Arab News
New virtual assets regulator tops agenda as Pakistan crypto council meets today
KARACHI: Pakistan plans to establish a regulatory body to oversee digital assets, with the proposal set to be at the top of the agenda of a meeting today, Monday, of the Pakistan Crypto Council (PCC), the finance ministry said. Pakistan set up the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF). Last month, the government also approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure. 'The Pakistan Crypto Council will convene a high-level meeting on Monday, 2nd June 2025, to be chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue,' the ministry said in a statement. Aurangzeb is also the chairperson of the PCC. 'Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements,' the statement added. 'A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country.' Earlier this month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence data centers. The allocation is the first phase of a broader, multi-stage digital infrastructure roll-out. Last week, Bilal Bin Saqib, the CEO of the Pakistan Crypto Council, unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas. The central bank said last week it had not declared virtual assets illegal but had in 2018 advised regulated entities to avoid dealing in virtual assets 'due to the absence of any legal and regulatory framework.' 'This was done to protect its regulated entities and their customers from the risks emanating due to the absence of legal and regulatory framework for VAs in the country,' the central bank said in a statement. 'The SBP and Finance Division are currently engaged with the Pakistan Crypto Council established by the Federal Government for, among others, developing an appropriate legal and regulatory framework for VAs in Pakistan. We understand that the legal and regulatory framework would provide the requisite clarity and legal coverage about the VAs ensuring consumer and investor protection.'
Arab News
3 days ago
- Business
- Arab News
Pakistan plans virtual assets regulator as crypto council convenes next week
KARACHI: Pakistan plans to establish a regulatory body to oversee digital assets, with the proposal set to be discussed at a meeting of the Pakistan Crypto Council next week, the finance minister said on Friday. The move marks a significant shift for the South Asian nation, which had previously banned cryptocurrency transactions in 2018, citing financial risks and lack of regulation. The Pakistan Crypto Council, set up in March, was formed to guide policy on blockchain, digital currencies and attract crypto-related investment as the government reconsiders its approach to digital finance. 'The Pakistan Crypto Council will convene a high-level meeting on Monday, 2nd June 2025, to be chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue,' the ministry said in an official statement. 'Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements,' it continued. 'A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country.' Earlier this month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence (AI) data centers. Additionally, Bilal Bin Saqib, CEO of the Pakistan Crypto Council, unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas. The upcoming council meeting aims to lay down the foundation for a secure, transparent and innovation-friendly regulatory environment. The finance ministry said the upcoming meeting would reflect the government's commitment to shaping a future-ready financial infrastructure while ensuring stability and compliance in the emerging digital economy.
