Pakistan Grants Permanent Authority to Virtual Assets Regulator

The Pakistan Virtual Assets Regulatory Authority (PVARA) has been granted permanent statutory authority under the newly passed Virtual Assets Act 2026. This legislation gives PVARA full powers to license and supervise digital asset service providers, including exchanges, custodians, and token issuance firms.

The law also introduces criminal penalties for operating without a license, with fines reaching up to PKR 50 million ($179,000) and prison sentences of up to five years. Unauthorized promotion or offering of virtual assets carries separate fines of up to PKR 25 million ($89,000) and three years in prison.

PVARA Chairman Bilal Bin Saqib stated that the authority is working with the State Bank of Pakistan to develop banking infrastructure and create a licensing framework that meets global Anti-Money Laundering and financial integrity standards. He also announced that No Objection Certificates have already been issued to select firms, including HTX and Binance.