Islamabad, February 26 Pakistan's Senate took a significant step towards regulating the country's digital finance landscape by approving the Virtual Assets Bill 2025.
The Senate, or the upper house, passed the bill on Wednesday after the Standing Committee on the Cabinet Secretariat unanimously endorsed the legislation to bring virtual assets and cryptocurrencies into a formal legal framework, reported The Express Tribune.
Under the bill, a regulatory authority will be established to license and supervise virtual asset service providers, including cryptocurrency exchanges and digital wallets, with a focus on improving investor protection and market transparency.
Section 6 of the bill calls for the establishment of the Pakistan Virtual Asset Regulatory Authority, an autonomous body which is empowered to license, supervise and regulate virtual asset service providers in Pakistan.
According to the bill, the authority would be empowered to "protect customers and investors dealing in virtual assets by establishing and enforcing appropriate safeguards and conduct of business requirements."
The legislation is intended to create mechanisms for customer safeguards and transparency in trading and compliance with international standards, according to the report.