Pakistan launches virtual asset regulator

The Pakistani government has launched a new virtual asset (cryptocurrency) regulator.

On the 14th (local time), according to crypto-focused media The Block, Pakistan's finance ministry has set up the Pakistan Virtual Asset Regulatory Authority (PVARA) under the 'Virtual Assets Ordinance' enacted last July.

The government will encourage global virtual asset firms to apply for local licenses issued by the new regulator. Only firms already licensed in major regions such as the United States, the European Union (EU), and Singapore will be eligible to apply. Applicant firms must meet minimum capital requirements, security systems, and legal compliance requirements, and furthermore must provide services that comply with Islamic law, Sharia.

Currently, there are 40 million virtual asset users in Pakistan. The annual trading volume is 300 billion dollars.

Bilal bin Saqib, head of PVARA, said, "We will cooperate with leading global virtual asset service providers (VASP) to build a transparent and inclusive digital financial ecosystem."