Pakistan launches crypto regulatory body for digital asset sector
Pakistan has established the Pakistan Virtual Assets Regulatory Authority (PVARA) to oversee and regulate the country’s crypto sector.
Pakistan’s federal government has launched the Pakistan Virtual Assets Regulatory Authority (PVARA), a new body tasked with overseeing the country’s digital asset industry.
According to a Tuesday report by English-language local news outlet Dawn, PVARA will operate as an independent regulator tasked with licensing, monitoring and supervising virtual assets service providers. It will also ensure compliance with international standards, including alignment with guidelines from the Financial Action Task Force (FATF).
The report follows a late May announcement by Pakistan’s Ministry of Finance, which endorsed the creation of the regulatory body. Muhammad Aurangzeb, Pakistan’s Federal Minister for Finance and Revenue, said that the country “must regulate not just to catch up, but to lead.”