Pakistan has launched the Pakistan Virtual Assets Regulatory Authority (PVARA), tasked with overseeing its digital asset sector.
Crypto News: Pakistan has launched the Pakistan Virtual Assets Regulatory Authority (PVARA), tasked with overseeing its digital asset sector.
This newly formed entity will function autonomously, concentrating on the licensing, monitoring, and regulation of virtual asset service providers.
PVARA aims to uphold international regulatory standards, adhering to guidelines set forth by the Financial Action Task Force (FATF).
According to Finance Minister Muhammad Aurangzeb, Pakistan must “not only catch up but also lead” in developing a framework suited for the future.
This initiative comes despite recent challenges, including the International Monetary Fund’s refusal of Pakistan’s proposal to subsidize electricity for Bitcoin mining activities.
Previously, Pakistan had allocated 2,000 megawatts of surplus power for Bitcoin mining and artificial intelligence centers as part of its broader digital finance agenda.
This regulatory framework positions Pakistan as one of the pioneering nations in South Asia to implement dedicated cryptocurrency oversight while preserving its mining aspirations.
Minister Bilal Bin Saqib recently engaged with officials from the Trump administration to discuss potential collaborations on cryptocurrency initiatives and Bitcoin reserve strategies.
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