In a bid to accelerate the adoption and regulation of virtual assets, the federal government has announced the formation of the Pakistan Virtual Assets Regulatory Authority (PVARA). According to reports, the body will serve as an independent regulator, responsible for aligning guidelines laid out by the Financial Action Task Force (FATF) and other international practices.

 

According to reports, the PVARA will also monitor, license and oversee the operations of virtual asset service providers (Vasp). A statement from the Ministry of Finance (MoF) outlined how the federal cabinet approved the “summary” for the regulatory body’s creations, dubbing it as “a landmark step towards establishing a comprehensive legal and institutional framework for overseeing the country’s rapidly growing digital assets ecosystem”.

 

Furthermore, the MoF’s statement highlighted how PVARA will set “technical standards” and “coordinate compliance” with international bodies such as the World Bank (WB) and the International Monetary Fund (IMF). The statement also revealed that the newly created body will reduce countrywide cyber risks associated with virtual asset transactions, oversee anti-money laundering protocols and supervise public protection systems.

 

It indicates Pakistan’s crypto-related developments showcase an intent to become a virtual asset hub in South Asia. The statement holds weight as Pakistan has taken a vast array of measures to establish itself as a leader in the digital asset race.

 

In recent crypto-related developments, the Pakistan Crypto Council (PCC) revealed Pakistan’s first-ever government-led Strategic Bitcoin Reserve. PCC’s Chief Executive Officer (CEO) Bilal Bin Saqib made the announcement during a keynote speech at Bitcoin Vegas 2025 in Las Vegas, United States.

 

The PCC’s CEO delivered his speech to a crowd including high-profile attendees such as United States Vice President JD Vance, Donald Trump Jr and Eric Trump. Reports reveal that the PCC’s CEO is attempting to encourage investment inflows into domestic crypto markets.

 

Recent reports suggested that in order to facilitate the inflow of crypto-related investments, Pakistani authorities greenlighted the allocation of 2,000 megawatts (MW) of power to individuals who would set up crypto mining operations in the country. However, the International Monetary Fund (IMF) expressed displeasure over the provision of surplus power at uneven rates to different segments of Pakistani society.

 

Data from reports suggests that the government intended to provide crypto miners with electricity at eight to nine rupees per unit. For reference, the base rate stands at a significantly higher Rs24 to Rs25 per unit, showcasing the magnitude of savings bitcoin miners would have enjoyed.