The Pakistan Virtual Assets Regulatory Authority (PVARA) held its first board meeting in Islamabad, which demonstrated that Pakistan is committed to complying with the rules of the AML/CFT and further promote the country to be a digital economy through blockchain and virtual assets.
The establishment of PVARA was described as a landmark in the economic transformation of Pakistan by its Federal Finance Minister because it would soon propel the nation into the list of global leaders in the digital asset arena. He also thanked the Pakistan Crypto Council (PCC) which had done maximum stakeholder consultations and groundwork to make the Authority a reality.
In the session, the Board discussed the priority agendas that included aligning its operations with international AML/CFT compliance standards, nominating independent directors with experience in virtual assets, and developing the core regulatory framework of the Authority. Special committees will also be established to concentrate on sandbox experiments, the taxation regime, draft regulation and international collaboration. A draft licensing policy has been distributed to obtain members input and should be finalized soon.
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The Board also adopted a complaint portal, in cooperation with the National Cyber Crime Investigation Agency (NCCIA), to ensure time line resolution of complaints in the virtual assets sector. Members also talked about the possibility of withdrawal of 2018 circular issued by the State Bank of India that prohibited financial institutions to deal with cryptocurrencies and tokens.
PVARA Chairman Bilal bin Saqib stressed that financial integrity would be ensured with innovation and investment being encouraged. The Minister of Finance reaffirmed the government support to the Authority, which is key to responsible adoption of virtual assets and strong AML/CFT compliance within Pakistan financial system.
