- The Senate Panel considers the 2025 virtual asset bill.
- Bill provides a robust legal framework.
- The authority will combat illegal activities.
The State Bank of Pakistan (SBP) has agreed in principle to recognize the digital currency once there is a comprehensive legal and regulatory framework.
This was revealed by the deputy director of SBP, Dr. Inayat Hussain, while informing the Senate Finance Committee, chaired by Senator Salem Mandviwalo, in the Chamber of Parliament on Wednesday, he reported Wednesday, he reported Wednesday. The news.
The Senate Panel considered the 2025 virtual asset bill and would continue its review at the next meeting to grant its assent.
In the discussion of the 2025 virtual asset bill, the SBP reported that they would withdraw the notification to prohibit digital currency declaring that the digital currency is legal once the legal and regulatory framework is implemented. The Committee Deliberate on the Government bill entitled “The Virtual Assets Law, 2025”.
The bill was aimed at regulating virtual assets after established international practices. It was also reported that the Virtual Assets Authority will play a key role in the fight against money laundering, terror financing and other illicit activities.
The Senate Panel was informed that virtual assets are an evolving component of modern financial ecosystem, which offers new opportunities for innovation, investment and economic growth. However, they also have significant regulatory challenges, particularly to guarantee investor protection, market transparency and the integrity of financial systems.
To address these challenges, a dedicated regulatory arm is essential for the license and supervision of virtual asset service providers (Vasps). Such supervision mechanism not only protects investors, but also encourages innovation, mitigates the risks of misuse and promotes confidence in the virtual asset market.
Recognizing the need for a comprehensive legal and regulatory structure, the Pakistan government promulgated the Virtual Assets Ordinance, 2025, on July 8, 2025. After its promulgation, the Virtual Assets Regulatory Authority of Pakistan (PVARA) was established as the primary regulatory body responsible for exceeding the virtual association sector.
The bill provides a solid legal framework that allows Pvara to license and supervise VASP, prevent money laundering, terrorist financing and other illicit activities, promote financial innovation and inclusion, encourage the development of virtual asset services that meet Shariah and align internal practices with international standards.
While thoroughly examining the bill, the Committee recommended that the Virtual Assets Authority be placed under the Finance Division instead of the Cabinet Division, given the nature of the issue.
The Committee also established the 55 -year -old higher age limit with five experience in digital finances and technology for appointment as president of the authority. Senator Anusha Rehman said young people with five years of experience must be housed instead of parking. After an extensive discussion, the committee deferred the deliberations on the bill until the next meeting.
Previously, the Committee witnessed an exchange of hard words between the law of the Secretary and Senator AFNAN-ULLAH Khan, who accused the government of copying and blocking its draft private member law ‘The draft law of virtual assets, 2025 ”, and the introduction of its own bill.
