The Pakistani government has established the Virtual Assets Regulatory Authority (PVARA) as an independent regulatory body for Virtual Asset Service Providers.

According to Dawn, the Pakistani government has officially announced the establishment of the Pakistan Virtual Asset Regulatory Authority (PVARA) as an independent regulatory body for Virtual Asset Service Providers (VASPs), responsible for licensing, monitoring, and supervision to ensure compliance with the Financial Action Task Force (FATF) guidelines and international best practices. Once legislation is passed, the agency will be responsible for issuing licenses, regulating virtual asset service providers, developing technical standards, and coordinating compliance with the guidelines of the Financial Action Task Force, the International Monetary Fund, and the World Bank. The statement also added that the agency will also oversee public protection mechanisms, anti-money laundering protocols, and cyber risk mitigation measures for all domestic virtual asset transactions. [Foresight News]