Pakistan has enacted landmark legislation to legalize and regulate virtual assets, marking a significant shift in the country's approach to cryptocurrency. The Virtual Assets Act, 2025 creates the Pakistan Virtual Asset Regulatory Authority (PVARA), establishing a federal authority to license and oversee crypto-related businesses (1). This development aligns Pakistan with global peers such as the United Arab Emirates, Singapore, India, and the European Union in adopting formal oversight of blockchain-based finance (1).
The State Bank of Pakistan clarified that virtual assets were never declared illegal in the country. In 2018, the central bank advised its regulated entities including banks, development finance institutions, microfinance banks, and exchange companies to avoid dealing in virtual assets due to the absence of any legal and regulatory framework, not because they were illegal (2). This advisory was issued to protect regulated entities and their customers from risks emanating from the absence of legal and regulatory frameworks for virtual assets (2).
"The SBP and Finance Division are currently engaged with the Pakistan Crypto Council established by the Federal Government for, among others, developing an appropriate legal and regulatory framework for VAs in Pakistan."
PVARA has been granted comprehensive powers to ensure transparency, compliance, financial integrity, and prevention of illicit activities, in alignment with international standards including those of the Financial Action Task Force (1). The regulator's governing board includes top officials from the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, Federal Board of Revenue, and various government ministries (1). The law also provides space for innovation by allowing startups to test blockchain products within regulatory sandboxes supervised by PVARA, while a Shariah Advisory Committee will advise on the religious permissibility of virtual asset products (1).
Source:
https://www.arabnews.com/node/2607495/pakistan
https://www.sbp.org.pk/press/2025/Pr-30-May-2025.pdf
Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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