The Pakistan Virtual Assets Regulatory Authority (PVARA) virtually convened its first formal meeting under the Virtual Assets Act, 2026 on Wednesday, marking a defining moment in Pakistan’s journey toward becoming a credible, regulated virtual asset jurisdiction.
In a statement, PVARA said Finance Minister Muhammad Aurangzeb had participated in the meeting on special invitation. He appreciated the efforts of PVARA in attracting investors for hedging and diversified asset allocation. He termed the passage of the Virtual Assets Act “an important milestone and emphasized the need for fast tracking the licensing regime.”
Chaired by PVARA Chairperson Bilal bin Saqib, the meeting included the participation of the deputy governor of the State Bank of Pakistan; the chairman of the Securities and Exchange Commission of Pakistan; the additional secretary Finance; the secretary Law and Justice; and the chairman of the National AML-CFT Authority.
PVARA confirmed its formal composition under the Virtual Assets Act, 2026 approved recruitment committees across all hiring tiers, and noted that advertisements for key positions have been published. It also approved the issuance of a regulatory directive requiring prior NOC from PVARA for all virtual asset promotional and marketing activities during the transition period, reviewed progress made since its establishment, and provided directions on institutional priorities under the new legislative framework.
“The enactment of the Virtual Assets Act, 2026 gives PVARA a permanent statutory foundation,” said Saqib. “Today’s meeting translates that legislative milestone into operational reality Pakistan is open for regulated, compliant virtual asset business, and we are moving forward with urgency and clarity.”
In just under a year since its establishment, PVARA has issued no-objection certificates to international virtual asset exchanges; established the regulatory sandbox framework; signed memoranda of understanding with international regulatory counterparts; and made significant progress to advance the regulatory architecture. With the Virtual Assets Act now enacted. PVARA has launched its recruitment drive to build the permanent institutional capacity that will take Pakistan’s virtual asset framework from foundation to full operation.
With Pakistan ranked among the top three countries globally in crypto adoption, the Authority reaffirmed its commitment to building a regulatory framework that protects consumers, ensures financial integrity, and positions Pakistan as a destination for responsible virtual asset innovation.