Islamabad:
The President published an order on Thursday to establish an authority for regulating virtual assets (VARA) to regulate the services related to the virtual assets of the country with a view to preventing money laundering and terrorist funding.
President AIF Zardari has signed the order for the 2025 virtual asset regulatory authority, which would come into force immediately throughout the country. The registered office of the authority would be in Islamabad, but its regional offices could be established anywhere.
The ordinance indicates that the VARA will have the status of a business organization, therefore, it will be able to hold goods, make purchases and sales and conclude contracts. According to the prescription, he may also deposit cases, according to the order.
Vara is empowered to deliver, suspend or revoke licenses for virtual assets and service providers; make regulations for the supervision and regulation of virtual assets; Take measures to prevent money laundering and terrorist funding, with investigation powers, disciplinary measures and imposing fines.
According to the ordinance, a board of directors will direct the affairs of Vara. The board of directors would have a chairman of the board of directors and two members of the Ministry of Finance and the Ministry of Law. It could include more members as advisers. The mandate of the president and unofficial members will be three years.
The prescription indicates that no one would provide services related to virtual assets without license issued by Vara. He adds that the fine could be imposed if someone found the offer of these license without license.
