3 days ago
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.
