Pakistan has made another groundbreaking development to enhance crypto adoption. As per the reports, the federal cabinet of Pakistan has granted permission for the establishment of the Pakistan Virtual Assets Regulatory Authority to govern digital asset regulations. The respective development is poised to boost confidence among the crypto users in the country.
Pakistan Allows Establishment of Regulatory Forum for Digital Assets
In this respect, Pakistan’s federal cabinet released an official statement on Monday, declaring the development of Pakistan Virtual Assets Regulatory Authority (PVARA). This denotes a crucial step toward the creation of a comprehensive regulatory and legal framework to deal with digital assets. Hence, PVARA will reportedly operate as an autonomous regulatory body devoted to monitoring, overseeing, and licensing the platforms providing services concerning virtual assets.
The proposed regulatory body will go in line with the standards set by the Financial Action Task Force and the worldwide best practices. Interestingly, this development takes place following the Pakistan Crypto Council’s (PCC) creation on the 14th of March this year. The respective development commenced a push for the responsible regulation and development of blockchain technologies, tokenized assets, and digital currencies.
The Pakistan Crypto Council (PCC) is led by Muhammad Aurangzeb (the Finance Minister of Pakistan) and Bilal Bin Saqib as its chairman and operational leader. With this, the PCC is revolutionizing the country’s policy for digital assets. Additionally, the Council has also onboarded worldwide blockchain leaders, such as Changpeng Zhao, the former CEO of Binance, as its strategic advisors.
PCC and Strategic Bitcoin Reserve Further Bolster Pakistan’s Efforts to Enhance Crypto Adoption
The PCC takes into account prominent representatives that belong to noteworthy institutions like the SECP Chairman, Federal Secretaries of IT and Law, as well as the State Bank Governor. In this way, it intends to guarantee a cross-government and unified approach to digital asset regulation. Apart from this, Pakistan also announced the formation of the country’s earliest Strategic Bitcoin Reserve during the Las Vegas-based Bitcoin 2025 Conference.
Moreover, the Pakistani authorities have also revealed the plans to specify the surplus electricity, equaling 2,000 megawatts, to conduct Bitcoin ($BTC) mining along with AI data hubs. This move is set to make the utilized energy a noteworthy economic driver. Furthermore, the PVARA’s development underscores Pakistan’s increased ambition to become a leader in the region in the case of digital finance.
