Islamabad: Pakistan is moving towards granting legal recognition to digital currency, as the State Bank of Pakistan (SBP) has agreed in principle to its formalisation once a comprehensive legal and regulatory framework is finalised.
The development was shared by SBP Deputy Acting Governor Dr Inayat Hussain during a briefing to the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, at the Parliament House on Wednesday.
The committee was reviewing the Virtual Assets Bill 2025, which aims to regulate virtual assets in line with international practices. The bill proposes the creation of the Pakistan Virtual Asset Regulatory Authority (PVARA) to oversee the sector, license service providers, and curb illicit activities such as money laundering and terror financing.
Officials told the panel that the regulatory framework would not only safeguard investors but also encourage innovation, support Shariah-compliant virtual asset services, and align Pakistan’s financial practices with global standards.
Committee members debated placing the proposed authority under the Finance Division instead of the Cabinet Division, given the financial nature of the subject. They also discussed eligibility criteria for the chairperson of the authority, recommending an age cap of 55 years with at least five years of relevant experience in digital finance and technology.
The Senate committee deferred further deliberations on the bill until its next meeting, noting its importance in shaping Pakistan’s approach to the rapidly evolving digital financial ecosystem.
Meanwhile, the panel also scrutinised the pay and perks of officials at the Securities and Exchange Commission of
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