Pakistan Launches PVARA to Regulate Virtual Assets
Pakistan has made a significant move in the digital asset space by establishing the Pakistan Virtual Assets Regulatory Authority (PVARA). This new body will operate independently to oversee and regulate virtual asset service providers, ensuring compliance with international standards.
The PVARA aims to license, monitor, and supervise virtual asset service providers, positioning Pakistan among the first South Asian nations to establish dedicated crypto oversight. Despite recent setbacks, including the IMF rejecting Pakistan's proposal for subsidized power for Bitcoin mining operations, Finance Minister Muhammad Aurangzeb emphasizes that 'Pakistan must regulate not just to catch up, but to lead' in creating a future-ready framework.
The move demonstrates Pakistan's commitment to regulating its digital asset industry while maintaining its ambitions in cryptocurrency mining. The country had previously earmarked 2,000 megawatts of surplus electricity for BTC mining and AI centers as part of its broader digital finance strategy.