PVARA nears licensing regime

New framework to ensure transparency, investor protection

ISLAMABAD:

Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, has said that Pakistan is moving closer to establishing a comprehensive licensing regime for virtual asset service providers, marking a significant milestone for the country's virtual assets sector.

He made these remarks while chairing the third meeting of PVARA, convened to review progress on the development of a regulatory framework for virtual assets. The meeting was attended by senior officials, including the State Bank governor, finance secretary, law secretary, chairman of the Securities and Exchange Commission of Pakistan (SECP), chairman of the Pakistan Digital Authority and other high-level representatives.

Participants reviewed advancements in the formulation of the regulatory framework, with particular focus on human resource and licensing regulations. Officials noted that Pakistan is now nearing the establishment of a full licensing system for virtual asset service providers.

Bin Saqib described the progress as a key milestone for the sector, adding that the upcoming regulatory framework would be transparent, modern and risk-based. He said the system aims to promote responsible innovation, ensure market transparency and safeguard consumers and investors.

He reiterated that PVARA remains committed to building a secure, transparent and internationally aligned regulatory environment, adding that the authority would continue efforts to encourage responsible investment and support the growth of the digital economy.