PVARA Board Discusses Operationalisation and Appoints Directors

The Pakistan Virtual Assets Regulatory Authority (PVARA) board convened on Tuesday to deliberate on crucial measures for the Authority’s operational commencement. These steps align with global standards concerning Anti-Money Laundering and Countering Financing of Terrorism (AML/ CFT). The board also sanctioned proposals for the selection of independent directors possessing expertise in virtual assets.

According to a formal statement from the Special Assistant to PM/ Minister of State on Blockchain and Crypto’s office, the meeting placed emphasis on formulating the Authority’s fundamental regulatory structure. This framework is intended to facilitate oversight of virtual asset operations within Pakistan.

The statement highlighted PVARA’s inaugural board meeting, during which discussions took place regarding the revocation of BPRD Circular No. 03 of 2018, previously issued by the State Bank of Pakistan. This circular had instructed financial institutions to abstain from engaging in virtual currencies and tokens.

Crypto Adoption Emphasized by Aurangzeb

To expedite advancement, the board decided to establish specialized committees concentrating on sandbox experimentation, taxation strategies, regulatory drafting, and international collaboration. A preliminary version of the suggested licensing structure was circulated among the members for assessment, with finalization anticipated in the coming days. Finance Minister Muhammad Aurangzeb lauded the creation of PVARA as a pivotal advancement in Pakistan’s economic trajectory.

He underscored the Authority’s essential function in establishing Pakistan as a frontrunner in the worldwide virtual assets landscape. The Minister conveyed appreciation to the Pakistan Crypto Council (PCC) for its fundamental input and extensive consultations involving stakeholders, institutions, and specialists, which proved vital in the establishment of PVARA.

Furthermore, PVARA will conduct bi-monthly sessions for the initial six months to guarantee substantial feedback and stakeholder engagement. The Board also endorsed the development of a complaint platform, created in conjunction with the National Cyber Crime Investigation Agency (NCCIA), to address issues pertaining to virtual assets and ensure prompt resolution.

Chairman Bilal bin Saqib noted: “This day marks a significant milestone for Pakistan’s virtual assets environment. PVARA will protect financial soundness while promoting innovation, investment, and opportunities in the virtual assets domain. Our objective is to foster domestic confidence and bolster Pakistan’s standing as a pioneering participant in the global virtual assets market.” The Finance Minister reaffirmed the government’s steadfast backing of PVARA, highlighting its significance in encouraging the responsible utilization of virtual assets and reinforcing Pakistan’s financial framework against illicit actions.