- The Senate committee considers the 2025 virtual asset bill.
- The bill provides a robust legal framework.
- Authority will fight against illicit activities.
The Pakistan State Bank (SBP) has in principle agreed to recognize digital currency once a complete legal and regulatory framework is in place.
This was disclosed by the deputy for the SBP, the acting governor, Dr. Inayat Hussain, while informing the Senate Committee on Finance, chaired by Senator Saleem Mandviwalla, in Parliament The news.
The Senate Committee examined the 2025 virtual asset bill and would continue to examine at the next meeting to grant its assent.
During the discussion of the 2025 virtual asset bill, the SBP informed that they would withdraw the notification of the prohibition of digital currency by declaring digital currency as legal as the legal and regulatory framework has been implemented. The Committee deliberated on the government bill entitled “The Virtual Assets Bill, 2025”.
The bill aimed to regulate virtual assets following established international practices. It has also been informed that the authority of virtual assets given will play a key role in the fight against money laundering, the financing of terrorism and other illicit activities.
The Senate Committee has been informed that virtual assets are an evolutionary component of the modern financial ecosystem, offering new opportunities for innovation, investment and economic growth. However, they also present significant regulatory challenges, in particular to ensure the protection of investors, market transparency and the integrity of financial systems.
To meet these challenges, a regulatory arm dedicated to the license and supervision of virtual asset service providers (VASP) is essential. Such a surveillance mechanism not only protects investors but also promotes innovation, reduces the risks of abusive use and promotes confidence in the virtual asset market.
Recognizing the need for a complete legal and regulatory structure, the Government of Pakistan promulgated the Virtual Assets Order, 2025, on July 8, 2025. After its promulgation, the Pakistan Virtual Asset Regulatory Authority (PVARA) was established as the main regulatory body responsible for the supervision of the Virtual Active Sector.
The bill provides a robust legal framework allowing Pvara to concede and supervise the basins, prevent money laundering, terrorist financing and other illicit activities, promote innovation and financial inclusion, encourage the development of virtual asset services in accordance with sharia and align national practices with international standards.
While examining the bill in depth, the committee recommended that the authority of virtual assets be placed under the finance division instead of the firm division, given the nature of the subject.
The Committee also set the upper age limit of 55 with five experience in digital finance and technology for appointment as president of the authority. Senator Anusha Rehman said young people with five years of experience must be accommodated instead of parking. After a long discussion, the committee postponed the deliberations to the bill until the next meeting.
Earlier, the Committee witnessed an exchange of hard words between secretary Law and Senator Afnan-Ullah Khan, who accused the government of copying and blocking its bill of private members “The virtual asset law, 2025”, and to present its own bill.
