The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, met to discuss the Virtual Assets Bill 2025, focusing on cryptocurrency regulation, taxation, and misuse in Pakistan.
Senator Mandviwalla expressed concern that most crypto transactions in Pakistan are conducted through illegal hawala and hundi channels. He stressed the urgency of regulation, noting that Pakistan ranks 8th globally in crypto investments, making oversight mechanisms crucial to prevent abuse.
Senator Mohsin Aziz raised alarms over reports of cryptocurrencies being used in kidnapping-for-ransom cases, stating, “People no longer demand cash; they demand payments in crypto,” underscoring the risks of unregulated virtual assets.
Officials from the State Bank of Pakistan (SBP) said that while crypto currently operates in a legal “grey area,” advisories have been issued. SBP’s Deputy Governor highlighted the technical skill of Pakistani youth in crypto trading but warned of dangers from unregulated transactions.
The Ministry of Law noted that the bill proposes an independent board to oversee virtual assets, staffed with experts in technology, finance, and regulation. Senator Mandviwalla emphasized that eligibility criteria for board members should be clearly defined in the legislation itself, not left to later rules.
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Finance Secretary Imdadullah Bosal added that Pakistan previously had no virtual asset regulations, but the government is now introducing measures to enhance transparency and oversight, including assessing potential use in money laundering.
