Pakistan has established the Pakistan Virtual Assets Regulatory Authority (PVARA), an independent body to regulate its booming crypto sector, marking a major policy shift toward embracing digital assets. Approved by the federal cabinet, PVARA will oversee licensing and supervision of crypto service providers in line with global FATF standards.
Finance Minister Muhammad Aurangzeb, also head of the Pakistan Crypto Council, enlisted former Binance CEO Changpeng Zhao and Strategy’s Michael Saylor as key advisors.
Pakistan has allocated 2,000 megawatts of electricity for Bitcoin mining, launched its first Strategic Bitcoin Reserve, and appointed Bilal Bin Saqib as Minister for Blockchain and Crypto.
With over 40 million users and $300 billion in annual crypto trading, Pakistan is positioning itself as a leading crypto market. Partnerships with World Liberty Financial, a firm tied to the Trump family, aim to advance stablecoin, DeFi, and tokenization efforts. However, the IMF has opposed subsidized energy for mining, citing economic concerns.
Despite international pushback, Pakistan is moving forward with its crypto roadmap, strengthening global ties and making PVARA the cornerstone of its regulatory future.
Image Credit: Pixabay
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