ISLAMABAD: The State Bank of Pakistan (SBP) has agreed in principle to legalise digital currencies, with a formal regulatory framework currently being developed. This was disclosed by Acting Deputy Governor Dr. Inayat Hussain during a briefing to the Senate Standing Committee on Finance and Revenue on Wednesday.
The meeting, chaired by Senator Saleem Mandviwalla, discussed the “Virtual Assets Bill, 2025.” When asked whether Pakistanis could now buy virtual assets, the SBP official confirmed that the central bank had approved the move in principle and would soon withdraw existing prohibitions on cryptocurrencies once the regulatory framework was in place.
The committee was informed that the government aims to regulate virtual assets in line with global practices, ensuring oversight to combat money laundering, terror financing, and other illicit activities. A dedicated regulatory body—the Pakistan Virtual Asset Regulatory Authority (PVARA)—has already been established following the promulgation of the Virtual Assets Ordinance, 2025, on July 8.
According to the Finance Division’s briefing, PVARA will be responsible for licensing and supervising Virtual Asset Service Providers (VASPs), safeguarding investors, promoting innovation, ensuring compliance with Shariah-compliant services, and aligning Pakistan with international standards.
While examining the bill, the committee suggested placing the authority under the Finance Division instead of the Cabinet Division. It also proposed setting an upper age limit of 55 years for the chairperson of the authority, with at least five years of experience in digital finance and technology. Senator Anusha Rehman stressed the need to accommodate young professionals rather than turning the role into a “parking lot.”
However, the session also witnessed a heated exchange between Senator Afnanullah Khan and the Secretary of Law and Justice. Khan accused the government of copying his private member bill on virtual assets and reintroducing it under its own name, calling the move “unethical and corrupt.” The committee decided to propose amendments to Senate rules to prevent such practices in the future.
Deliberations on the Virtual Assets Bill, 2025, were deferred until the next meeting.
