Pakistan’s Virtual Asset Authority Considers Lifting SBP’s Crypto Ban, Sets Roadmap for Regulation

ISLAMABAD: The Pakistan Virtual Assets Regulatory Authority (PVARA), in its first board meeting on Tuesday, signaled a potential breakthrough for the country’s digital economy by deliberating on the withdrawal of SBP’s 2018 ban on cryptocurrencies.

The ban, imposed through BPRD Circular No. 03 of 2018, had prohibited banks, DFIs, and payment operators from facilitating transactions in Bitcoin, Litecoin, Pakcoin, ICO tokens, and other virtual currencies.

Attended by Finance Minister Muhammad Aurangzeb, PVARA Chairman Bilal bin Saqib, the SBP Governor, SECP Chairman, FBR Chairman, and senior officials, the board emphasized aligning Pakistan’s virtual asset framework with global AML/CFT standards.

Key priorities included launching a licensing framework, establishing sandbox experimentation, drafting taxation policies, and strengthening international engagement. To enhance oversight, the board also approved a complaint portal with NCCIA for public redressal.

Finance Minister Aurangzeb hailed the move as a “transformative milestone”, stressing that Pakistan must embrace crypto and blockchain innovation to boost competitiveness.

PVARA Chairman Bilal bin Saqib called it a “defining moment”, pledging to balance financial integrity with innovation, investment, and opportunity in the virtual assets space.