Islamabad, April 11: Pakistan has introduced its inaugural comprehensive policy framework for regulating virtual assets (VAs) and virtual asset service providers (VASPs).
It is a major milestone toward aligning with global financial integrity standards and fostering responsible innovation in digital finance.
In a press statement released on Thursday, a representative of the Federal Investigation Agency (FIA) announced that the policy was crafted by the National Working Group on VAs and VASPs.
This group was constituted by the Ministry of Finance in January 2024 and operates under the oversight of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Authority.
The FIA leads the group, which includes senior officials from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan (SECP), the Financial Monitoring Unit (FMU).
Furthermore, the Federal Board of Revenue (FBR), the National Counter Terrorism Authority (NACTA), the Ministry of Information Technology and Telecommunications (MoITT), and other relevant public and private sector stakeholders.
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Sumera Azam, Director at the FIA and head of the working group involved in drafting the policy, described the initiative as a transformative step in how Pakistan approaches digital finance.
“We are embracing the future with clarity and foresight,” she said. “This proposal achieves a crucial balance between embracing technological progress and upholding national security.”
The policy is in line with Recommendation 15 of the Financial Action Task Force (FATF), reaffirming Pakistan’s resolve to remain compliant with AML/CFT protocols and uphold international financial standards.
The primary aim of the new policy is to mitigate threats related to money laundering, terrorist financing, and financial instability, while simultaneously leveraging the disruptive potential of blockchain and digital financial technologies.
The National Working Group has recommended a phased and flexible regulatory model.
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This would allow innovation to flourish within a controlled environment and promote regulatory capacity-building across institutions as the sector evolves.
