Cabinet formally approves summary of PVARA
Office of the Special Assistant to Prime Minister/Minister of State on Blockchain and Crypto issued a statement on Monday which stated that the proposed authority will operate as an independent regulator dedicated to licensing, monitoring, and supervising virtual asset service providers (VASPs), while ensuring full alignment with Financial Action Task Force (FATF) guidelines and international best practices.
This milestone comes less than four months after the launch of the Pakistan Crypto Council (PCC) on 14 March 2025, which marked the beginning of a new era in Pakistan's digital finance journey. Since its inception, the PCC, under the leadership of the Chairman, Finance Minister of Pakistan, Muhammad Aurangzeb and CEO Bilal Bin Saqib, Special Assistant to the Prime Minister on Blockchain and Crypto with the status of Minister of State, has led a nationwide push to regulate and enable blockchain technology, digital currencies, and tokenized assets in a responsible and innovation-friendly manner.
It further stated the PCC also welcomed international blockchain leaders and experts, including former Binance CEO Changpeng Zhao (CZ), as strategic advisors to help shape Pakistan's regulatory outlook. The Council consists of key institutional stakeholders, including the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Governor of the State Bank of Pakistan, the Federal Secretary of Law, and the Federal Secretary of Information Technology, ensuring a whole-of-government approach to digital asset regulation.
This was followed by the Government's announcement on 28 May 2025 at the Bitcoin 2025 Conference in Las Vegas, where Bilal Bin Saqib revealed the formation of Pakistan's first Strategic Bitcoin Reserve, a sovereign reserve intended to hold Bitcoin for long-term national benefit and macroeconomic resilience.
Further advancing this momentum, the Government announced the allocation of 2,000 megawatts of surplus electricity for Bitcoin mining and artificial intelligence (AI) data centers, leveraging Pakistan's untapped energy potential to power the future of digital finance and computation. Strategic partnerships are underway to ensure that energy-intensive blockchain infrastructure is both sustainable and revenue-generating.
The Cabinet's approval of PVARA is a critical inflection point in this journey. Once legislated, the authority will be responsible for issuing licenses, supervising VASPs, setting technical standards, and coordinating compliance with FATF, IMF, and World Bank guidelines. It will also oversee public protection mechanisms, anti-money laundering protocols, and cyber risk mitigation across all virtual asset transactions within the country, it added.
This coordinated approach, combining sovereign asset reserves, surplus energy deployment, and robust regulation, reflects Pakistan's ambition to become a digital assets hub in South Asia. By building trust, attracting foreign investment, and fostering innovation in the blockchain sector, Pakistan is setting the foundations for a secure, inclusive, and future-proof digital economy.
Pakistan is emerging as one of the most promising frontier markets for digital assets, with over 40 million crypto users and an estimated annual trading volume of $300 billion occurring through informal channels, according to industry sources. Despite previous regulatory ambiguity, Pakistani youth have been early adopters of blockchain technologies, with over 70% of the population under the age of 30. This demographic, coupled with Pakistan's 240 million-strong population and rapidly expanding digital infrastructure, presents a unique opportunity to formalize and grow a robust crypto economy, the official statement noted.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
21 hours ago
- Business Recorder
Cabinet formally approves summary of PVARA
ISLAMABAD: Federal Cabinet has formally approved the summary for the creation of the Pakistan Virtual Assets Regulatory Authority (PVARA), a landmark step towards establishing a comprehensive legal and institutional framework for overseeing the country's rapidly growing digital assets ecosystem. Office of the Special Assistant to Prime Minister/Minister of State on Blockchain and Crypto issued a statement on Monday which stated that the proposed authority will operate as an independent regulator dedicated to licensing, monitoring, and supervising virtual asset service providers (VASPs), while ensuring full alignment with Financial Action Task Force (FATF) guidelines and international best practices. This milestone comes less than four months after the launch of the Pakistan Crypto Council (PCC) on 14 March 2025, which marked the beginning of a new era in Pakistan's digital finance journey. Since its inception, the PCC, under the leadership of the Chairman, Finance Minister of Pakistan, Muhammad Aurangzeb and CEO Bilal Bin Saqib, Special Assistant to the Prime Minister on Blockchain and Crypto with the status of Minister of State, has led a nationwide push to regulate and enable blockchain technology, digital currencies, and tokenized assets in a responsible and innovation-friendly manner. It further stated the PCC also welcomed international blockchain leaders and experts, including former Binance CEO Changpeng Zhao (CZ), as strategic advisors to help shape Pakistan's regulatory outlook. The Council consists of key institutional stakeholders, including the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Governor of the State Bank of Pakistan, the Federal Secretary of Law, and the Federal Secretary of Information Technology, ensuring a whole-of-government approach to digital asset regulation. This was followed by the Government's announcement on 28 May 2025 at the Bitcoin 2025 Conference in Las Vegas, where Bilal Bin Saqib revealed the formation of Pakistan's first Strategic Bitcoin Reserve, a sovereign reserve intended to hold Bitcoin for long-term national benefit and macroeconomic resilience. Further advancing this momentum, the Government announced the allocation of 2,000 megawatts of surplus electricity for Bitcoin mining and artificial intelligence (AI) data centers, leveraging Pakistan's untapped energy potential to power the future of digital finance and computation. Strategic partnerships are underway to ensure that energy-intensive blockchain infrastructure is both sustainable and revenue-generating. The Cabinet's approval of PVARA is a critical inflection point in this journey. Once legislated, the authority will be responsible for issuing licenses, supervising VASPs, setting technical standards, and coordinating compliance with FATF, IMF, and World Bank guidelines. It will also oversee public protection mechanisms, anti-money laundering protocols, and cyber risk mitigation across all virtual asset transactions within the country, it added. This coordinated approach, combining sovereign asset reserves, surplus energy deployment, and robust regulation, reflects Pakistan's ambition to become a digital assets hub in South Asia. By building trust, attracting foreign investment, and fostering innovation in the blockchain sector, Pakistan is setting the foundations for a secure, inclusive, and future-proof digital economy. Pakistan is emerging as one of the most promising frontier markets for digital assets, with over 40 million crypto users and an estimated annual trading volume of $300 billion occurring through informal channels, according to industry sources. Despite previous regulatory ambiguity, Pakistani youth have been early adopters of blockchain technologies, with over 70% of the population under the age of 30. This demographic, coupled with Pakistan's 240 million-strong population and rapidly expanding digital infrastructure, presents a unique opportunity to formalize and grow a robust crypto economy, the official statement noted. Copyright Business Recorder, 2025
Business Recorder
21 hours ago
- Business Recorder
PM's Fan Replacement Programme: Aurangzeb orders launch preparations by month-end
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb has directed that all requisite actions be completed within the next two to three weeks to enable the launch of the Prime Minister's Fan Replacement Programme's first phase, along with the initial batch of participating banks, by the end of the month. Aurangzeb chaired a high-level meeting on Monday to review the progress on the readiness and forthcoming launch of the Prime Minister's Fan Replacement Programme. The meeting was attended by the Minister for Power, Sardar Awais Ahmad Khan Leghari, governor State Bank of Pakistan, chairman Pakistan Banks' Association, and senior officials from the Finance Division, Power Division, and other relevant departments. Repayments via power bills: DC fans to replace AC ones thru govt initiative During the meeting, stakeholders presented detailed updates on the programme's operational readiness and its expected roll-out schedule. The participants reviewed the progress shared by National Energy Efficiency and Conservation Authority (NEECA) on progress regarding completion of key preconditions, including the finalisation of agreements with participating banks, integration of banking systems, and the facilitative role of the Punjab Technology Investment Board and Power Information Technology Company in providing technological solutions for expediting the implementation process. Senator Muhammad Aurangzeb highlighted the prime minister's special emphasis on this initiative, underscoring its significance in promoting energy efficiency, fostering financial inclusion, and contributing to economic stability. He noted that the programme has the potential to influence consumer behaviour positively, reduce energy consumption, and offer broader economic benefits. The minister appreciated the active participation and collaborative efforts of all stakeholders, particularly the banking sector, in advancing this vital national initiative. He directed that all requisite actions be completed within the next two to three weeks to enable the launch of the programme's first phase, along with the initial batch of participating banks, by the end of the month. The meeting concluded with a reaffirmation of commitment from all participants to ensure timely and seamless execution of the programme, in line with the government's broader economic and energy sector reform agenda. Copyright Business Recorder, 2025
Business Recorder
21 hours ago
- Business Recorder
Sustained tariff reforms: Aurangzeb underscores significance
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb chaired a meeting of the Steering Committee for the Implementation of the National Tariff Policy here on Monday. The meeting was attended by Minister for Commerce Jam Kamal Khan, Minister for Petroleum Ali Pervaiz Malik, Governor State Bank of Pakistan and senior officials from the Ministry of Finance and other relevant ministries, divisions and organisations. The finance minister underscored the significance of sustained tariff reforms as a cornerstone of Pakistan's trade policy. He highlighted that the National Tariff Policy represents a five-year roadmap toward liberalising trade, fostering export-led growth, and enhancing industrial competitiveness. Pakistan prepared for regional fallout, optimistic on US tariff talks: Aurangzeb Aurangzeb emphasised that the Steering Committee, constituted by the prime minister, has been entrusted with the critical task of continuously monitoring implementation progress, state of forex reserves, and guiding the transition of domestic industry during this period of reform. During the meeting, the National Tariff Commission (NTC), operating under the Ministry of Commerce, delivered a detailed presentation on its mandate, core functions, and recent performance. The Commission outlined its pivotal role in safeguarding domestic industry through rational tariff structuring and trade remedy actions against unfair trade practices, including dumping, subsidised imports, and harmful import surges. Participants were also apprised of the NTC's ongoing efforts to bolster institutional capacity. These include organisational reforms, targeted technical training, automation of internal processes, the proposed establishment of a dedicated facilitation centre for exporters, and initiatives to enhance legal and analytical capabilities to strengthen service delivery. The finance minister acknowledged the valuable contributions of the NTC and urged the commission to maintain its focus on ensuring a level playing field for local producers. He extended his support for addressing the commission's resource challenges and emphasised the importance of reinforcing Pakistan's anti-dumping framework. However, he advised that rather than expanding in size, the NTC should strive to become a lean, responsive, and fit-for-purpose organisation aligned with international best practices and compliant with the rules of the World Trade Organisation (WTO). The meeting concluded with a shared resolve among participants to continue working in close coordination for the successful implementation of the National Tariff Policy, thereby, reinforcing Pakistan's trade competitiveness and industrial development. Copyright Business Recorder, 2025
