Pakistan’s federal cabinet has approved the creation of the Pakistan Virtual Assets Regulatory Authority, an independent body that will license, monitor and supervise virtual-asset service providers while aligning the country’s rules with Financial Action Task Force standards
Pakistan’s federal cabinet has approved the creation of the Pakistan Virtual Assets Regulatory Authority, an independent body that will license, monitor and supervise virtual-asset service providers while aligning the country’s rules with Financial Action Task Force standards.
The move formalises a policy pivot that began earlier this year, when Islamabad set up the Pakistan Crypto Council and outlined a framework for digital-asset trading. Officials say Pakistan now counts more than 40 million crypto users and an estimated US$300 billion in annual trading volumes, most of it routed through informal channels.
The regulator is intended to strengthen consumer protection, enforce anti-money-laundering safeguards and mitigate cyber risks as the government seeks to position the South Asian nation as a regional hub for blockchain investment. The decision marks a sharp departure from the country’s 2018 ban on cryptocurrency transactions.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
