The Senate Standing Committee on Finance and Revenue on Wednesday proposed several changes to the Pakistan Virtual Assets Bill, 2025, including barring the Pakistan Virtual Asset Regulatory Authority (PVARA)’s staff and members from trading in virtual assets and placing the authority under the Finance Division rather than the Cabinet Division.
During deliberations on the bill, Pakistan Muslim League (Nawaz) Senator Afnanullah Khan reiterated allegations that the legislation was “plagiarized” by the Secretary of Law, maintaining he had originally tabled it. “This is shameful,” he said, claiming the government’s draft was identical to the one he had proposed. On his comments, committee chair Senator Saleem Mandviwalla criticized the practice of the government claiming credit for draft laws proposed by members.
Secretary Law Raja Naeem Akbar, however, denied the allegations, saying he had not seen Khan’s private member bill until the Senate panel provided it. Asserting his claims, Khan said the law minister had seen and opposed his bill when it was first introduced and proposed a privilege motion accusing the Law secretary of misleading Parliament by claiming the bill was not presented.
Bill proposals
The committee recommended setting eligibility criteria for members and the chairman of PVARA, including a minimum of five years of experience and an age limit of 55 years. Khan suggested stronger safeguards for data privacy, and proposed holding service providers accountable for privacy violations.
Mandviwalla and Senator Mohsin Aziz, meanwhile, raised concerns over the $10,000 limit on virtual asset transactions, suggesting its removal if the government wished to regulate virtual assets.
Under the proposed legislation, PVARA would serve as a regulator for virtual assets and service providers, requiring any person or company wishing to offer virtual asset services in or from Pakistan to secure a license from the authority.