PVARA | Pakistan

The Pakistan Virtual Assets Regulatory Authority (PVARA) said on Monday that any agreement or pilot announced involving virtual assets required prior authorisation. Earlier this month, the State Bank of Pakistan (SBP) had announced a significant policy change, legalising and encouraging the use of virtual assets through the enactment of the Virtual Assets Act 2026. Under the Act, PVARA is the statutory authority responsible for the licensing, regulation, supervision and oversight of virtual asset activities in Pakistan. In an advisory published on Monday, the authority said it had noted recent public announcements by financial institutions regarding memoranda of understanding, pilots and partnerships involving virtual assets, including the use of stablecoins for remittances and cross-border payments. “Under the Virtual Assets Act, 2026, the provision of virtual asset services to users in Pakistan, including the issuance, transfer, custody, exchange, or arrangement of virtual assets, stablecoins, and allied bl...