Pakistan Builds Robust Crypto Regulatory Regime on a Shoestring Budget

Pakistan has established its new virtual asset regulatory regime in under six months using only 8% of the approved budget allocated for the initiative, said Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.

The country's digital asset framework covers several activities including exchanges, custody, brokerage, asset management, lending, and settlement. It also introduces requirements related to governance, anti-money laundering, and counter-terrorism financing.

Pakistan moved from primary legislation to notified regulations and a functioning licensing regime in less than six months, creating a formal regulatory pathway for companies operating in the digital asset sector.