Islamabad:
The President issued an ordinance on Thursday to establish a regulatory authority of virtual assets (VARA) to regulate services related to virtual assets in the country in order to avoid money laundering and terrorist financing.
President Asif Zardari signed the 2025 ordinance of the regulatory authority of virtual assets, which would immediately enter into force throughout the country. The central office of the authority would be in Islamabad, but its regional offices could be established anywhere.
The ordinance says that the rod will have the status of a corporate body, therefore, it can maintain properties, make purchases and sales and enter into contracts. In accordance with the Ordinance, it may also submit cases, in accordance with the Ordinance.
Vara is empowered to issue, suspend or revoke licenses for virtual assets and service providers; make regulations for the supervision and regulation of virtual assets; Take measures to avoid money laundering and terrorist financing, with research powers, disciplinary measures and impose fines.
According to the Ordinance, a Board will direct rod issues. The Board would have a president of the Board and two members of the Ministry of Finance and the Ministry of Law. It could include more members as advisors. The president’s office and unofficial members will be three years.
The Ordinance says that no person would provide services related to virtual assets without a license issued by Vara. He adds that the fine could be imposed if someone found that offers those services without a license.
