PVARA Cracks Down on Virtual Asset Regulation in Pakistan

The Pakistan Virtual Assets Regulatory Authority (PVARA) has issued a strong advisory regarding the regulation of virtual assets in the country.

According to the advisory, all virtual asset-related services, including stablecoin-based remittance solutions, blockchain partnerships, and pilot projects, fall under PVARA's regulatory scope under the Virtual Assets Act, 2026.

PVARA has explicitly clarified that any agreement or MoU that results in or enables the provision of such services requires prior authorization from the authority. Without such approval, these initiatives cannot proceed lawfully.

The authority warned that public announcements of virtual asset initiatives without prior regulatory engagement may trigger serious consequences, including regulatory action and reputational damage.