In a bid to establish Pakistan as a digital asset hub, the federal government is moving forward with the implementation of its virtual asset regulatory framework. According to reports, stakeholders were briefed on the Virtual Assets Act, 2025, at a high-profile meeting in Islamabad on Tuesday, attended by representatives from exchange companies, banks, and the jewellery sector.

 

The Virtual Assets Act, 2025, was approved by the Prime Minister, President, and Cabinet just weeks before it was shared with stakeholders. As per reports, the developments are progressing rapidly.

 

The Pakistan Virtual Assets Regulatory Authority (PVARA) has been established under the Act to serve as an independent regulator, responsible for aligning guidelines laid out by the Financial Action Task Force (FATF) and other international practices.

 

The PVARA has also been tasked with monitoring, licensing and overseeing the operations of virtual asset service providers (VASP). Banks and exchange companies will be granted licenses to operate in the digital asset sector under the new law, according to reports citing the meeting.

 

Moreover, the State Bank of Pakistan’s (SBP) Governor Jameel Ahmed has stated that the SBP is finalising legislation to establish a central bank digital currency (CBDC).

 

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) reportedly 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.