Pakistani citizens can now purchase virtual assets, though the country is still in the process of formalising regulations to govern the sector. This update was shared by Acting Deputy Governor of the State Bank of Pakistan (SBP), Dr. Inayat Hussain, during a session of the Senate Standing Committee on Finance and Revenue chaired by Senator Saleem Mandviwalla. Dr. Hussain confirmed that restrictions on buying digital currencies have been eased, but a legal framework is still being developed to bring transactions in line with international standards and safeguard financial stability.
The session centred on the “Virtual Assets Bill, 2025,” which aims to establish regulations for the sector. The bill seeks to address risks such as money laundering and terrorist financing, while promoting transparency and investor protection. A key element of the proposed law is the creation of the Pakistan Virtual Assets Regulatory Authority (PVARA), tasked with licensing and supervising Virtual Asset Service Providers (VASPs). This authority would also be responsible for implementing controls to curb illicit financial flows, while encouraging innovation in digital finance. The Finance Division presented a written briefing, noting the rapid evolution of virtual assets and emphasising the importance of ensuring both market security and Shariah-compliance in emerging services.
SBP also confirmed its plan to introduce a digital currency that could be used for trading in virtual assets, but only after the passage of the PVARA Bill, amendments to the State Bank of Pakistan Act, and the establishment of a comprehensive framework. The ordinance passed earlier this year laid the groundwork for these developments by creating a legal basis for licensing VASPs and addressing compliance issues such as fraud, money laundering, and terrorist financing. The government has positioned this regulatory push as part of its strategy to align Pakistan’s financial sector with international benchmarks while also opening the door to new financial technologies.
The committee debated several provisions of the bill, including recommendations that the Virtual Assets Authority be placed under the Finance Division instead of the Cabinet Division, given its relevance to financial regulation. There was also a proposal to set an upper age limit of 55 years for the authority’s chairperson, requiring at least five years of experience in digital finance and technology. The discussions took a sharp turn when Senator Afnanullah Khan accused the government of duplicating his private member bill, “The Virtual Assets Bill, 2025.” He alleged that the government’s version was a copy of his work, prompting the committee to consider introducing amendments to Senate rules to prevent such overlaps in the future. After extended debate, the committee deferred further deliberations on the bill until its next session, keeping the matter open for revisions and continued discussion.
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