The Pakistan Virtual Assets Regulatory Authority on Tuesday convened its inaugural board meeting, marking a significant step in the country’s efforts to embrace blockchain, virtual assets, and the digital economy.
Chaired by Minister of State for Crypto and Blockchain Bilal bin Saqib, who also serves as chairman of the Authority, the meeting included Finance Minister Muhammad Aurangzeb as a special invitee.
During the meeting, Aurangzeb described the establishment of the Authority as a “transformative milestone” in Pakistan’s economic trajectory, emphasizing its role in positioning the country as a global leader in virtual assets. He credited the Pakistan Crypto Council for laying the groundwork through consultations with stakeholders, institutions, and experts.
In its inaugural meeting, the Authority reviewed core operational priorities, including aligning its framework with international anti-money laundering and countering the financing of terrorism standards. It also discussed the appointment of independent directors with expertise in virtual assets and the finalization of a proposed licensing framework, which would be subject to stakeholder feedback before implementation.
To guide its early operations, the Authority would establish dedicated committees focused on sandbox experimentation, taxation, regulatory drafting, and international engagement. It also agreed to hold bi-monthly meetings for the first six months to ensure active consultation and feedback.
In a move aimed at enhancing consumer protection, the Authority approved the launch of a virtual assets complaint portal developed in partnership with the National Cyber Crime Investigation Agency. The portal would provide users with a direct channel for addressing concerns related to digital assets.
The meeting’s participants also discussed the potential withdrawal of BPRD Circular No. 03 of 2018, a directive issued by the State Bank of Pakistan prohibiting financial institutions from engaging in transactions involving virtual currencies and tokens.
“Today is a defining moment for Pakistan’s virtual assets ecosystem,” said Saqib. “[The Authority] will safeguard financial integrity while fostering innovation, investment, and opportunity in the virtual assets space,” he said, adding the Authority’s vision is to build domestic trust and enhance Pakistan’s international credibility in the emerging virtual assets economy.
The finance minister reiterated the government’s commitment to supporting the Authority, highlighting its dual role in encouraging responsible adoption of digital finance and protecting the financial system from misuse.