Pakistan’s Virtual Assets Bill 2025 Passes National Assembly — Crypto Regulation Now Law

Islamabad — Pakistan has taken a landmark step in regulating its digital finance landscape as the Virtual Assets Bill 2025 cleared the National Assembly after earlier passing the Senate, paving the way for the formal legal establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA), which had been set up through a presidential ordinance in July last year.  (PBS)
The legislation brings virtual assets and cryptocurrencies into a formal legal framework after years of unregulated activity, with a new regulatory authority mandated to license and supervise virtual asset service providers, including cryptocurrency exchanges and digital wallets.  (Iran International)
Regulatory Powers
PVARA will function as an autonomous corporate body empowered to promote, develop, govern and regulate the adoption of blockchain technology and distributed ledger technology (DLT) across Pakistan.  (PBS) The authority will also coordinate with the Financial Monitoring Unit, National Anti-Money Laundering and Counter Financing of Terrorism Authority, and law enforcement agencies to combat money laundering, terrorist financing, and other illicit activities linked to virtual assets.  (PBS)
Penalties
The bill prescribes penalties for operating without a licence, including imprisonment of up to five years, a fine of up to Rs50 million, or both. Conducting an initial virtual asset offering in violation of the law may lead to imprisonment of up to three years or a fine of up to Rs25 million. Provisions addressing market manipulation and insider trading have also been included.  (Wikipedia)
What Counts as a Virtual Asset?
Virtual assets under the law include cryptocurrencies such as Bitcoin and Ethereum, stablecoins, digital tokens and other blockchain-based instruments that can be traded, transferred or used for payments and investments through electronic networks.  (Wikipedia)
Industry Reaction
PVARA Chairman Bilal bin Saqib described the bill’s passage as “a defining moment for Pakistan’s digital economy,” adding that the country is transforming years of unregulated activity into a transparent, secure, and investor-friendly ecosystem that positions Pakistan as a credible jurisdiction for virtual assets.  (PBS)
The bill will now be sent to President Asif Ali Zardari for formal assent, after which it will become an Act of Parliament.