ISLAMABAD: The Senate, the upper house of Pakistan parliament, has passed the Virtual Assets Bill 2026 that paves the way for regulation and supervision of the digital assets sector to protect investors, the Pakistan Virtual Assets Regulatory Authority (PVARA) said on Friday.
Pakistan has in recent months stepped up efforts to draft rules for regulating the fast-expanding market for digital coins and tokens, requiring virtual asset service providers to secure government approval. Islamabad’s move to embrace digital currency marks a significant policy shift as it had banned cryptocurrency in 2018, citing financial risks.
PVARA will oversee the registration and licensing of virtual asset exchanges, custodians and other service providers, according to the bill. It will set conduct of business requirements, enforce customer protection safeguards and implement measures to combat money-laundering and financial crime.
“The passage of this bill through the Senate represents a defining moment for Pakistan’s digital economy,” PVARA quoted its Chairman Bilal bin Saqib as saying. “We are transforming years of unregulated activity into a transparent, secure, and investor-friendly ecosystem that positions Pakistan as a credible jurisdiction for virtual assets.”
