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In a groundbreaking development, the State Bank of Pakistan (SBP) has given in‑principle approval to legalize cryptocurrencies, heralding a new era for digital finance. Announced during a Senate Standing Committee briefing by Acting Deputy Governor Dr. Inayat Hussain, this shift will see SBP withdraw its previous advisory against crypto once a comprehensive regulatory framework is enacted. At the core of this transformation is the Virtual Assets Bill 2025, proposing the establishment of the Pakistan Virtual Asset Regulatory Authority (PVARA) to license and supervise Virtual Asset Service Providers (VASPs), enforce Anti‑Money Laundering (AML) and Counter‑Terrorism Financing measures, and uphold transparency and investor protections.
The bill also empowers the SBP to introduce a central bank–backed digital rupee and incorporates safeguards around data privacy, fraud prevention, and insider trading. Senators have emphasized the need for youthful digital finance expertise within the authority’s leadership, while tensions surfaced when Senator Afnan Ullah Khan claimed the government’s version of the bill resembled his private member’s proposal.
This legislative push promises to establish a secure, transparent framework for digital currency transactions in Pakistan, and potentially elevate the nation as a formidable contender in the global crypto economy.
Read more: Pakistan and US Forge Strategic Crypto Policy Partnership
