Pakistan to Establish Cryptocurrency Regulatory Agency, Plans for Bitcoin Reserves

On the 7th, the Pakistani government announced the establishment of the Pakistan Virtual Asset Regulatory Authority (PVARA), which has been officially approved by the Federal Cabinet, as reported by local media including 'DAWN'. PVARA will serve as an independent regulatory body responsible for issuing licenses to cryptocurrency service providers, as well as their monitoring and supervision. It will also ensure compliance with the Financial Action Task Force (FATF) guidelines and international best practices. The agency will oversee consumer protection in cryptocurrency transactions, anti-money laundering measures, and the mitigation of cyber risks. The Ministry of Finance stated that 'as the sector is growing rapidly...'