Pakistan Approves Bitcoin and Crypto Regulatory Authority

Pakistan has officially launched the Pakistan Virtual Assets Regulatory Authority to oversee the country’s Bitcoin and cryptocurrency activities.

This event signifies a significant policy shift, indicating Pakistan’s growing recognition of Bitcoin and cryptocurrencies’ economic potential.

The newly formed Pakistan Virtual Assets Regulatory Authority (PVARA) is set to govern and license cryptocurrency activities in Pakistan. This follows efforts by the Pakistan Crypto Council, which involves key figures from regulatory and governance bodies.

The authority’s creation is expected to change the landscape for Bitcoin and other cryptocurrencies in Pakistan, potentially influencing global crypto markets. The government has committed 2,000 megawatts of electricity for Bitcoin mining, reflecting its economic ambitions.

“The proposed authority will operate as an independent regulator dedicated to licensing, monitoring, and supervising virtual asset service providers (VASPs), while ensuring full alignment with Financial Action Task Force (FATF) guidelines and international best practices.” – Minister of State for Blockchain and Cryptocurrency, Pakistan

Implications of this initiative include potential impacts on local and international Bitcoin markets. The Strategic Bitcoin Reserve mirrors efforts by countries like El Salvador. The initiative aims to build sustainable blockchain infrastructure and could attract global attention to Pakistan’s crypto potential.

Future projections include potential regulatory alignment with international standards, drawing on experiences from other nations. This move may prompt global investor interest, fostering a stable environment for digital asset growth in Pakistan.