Overview
- Upper house approval follows a unanimous committee endorsement earlier this week, with enactment still contingent on lower house passage and the president’s signature.
- The bill establishes the Pakistan Virtual Asset Regulatory Authority with licensing and enforcement powers over service providers, issuers and miners.
- The authority would set conduct-of-business rules, enforce investor protections and require compliance with anti–money-laundering and counter-terrorism financing standards.
- The framework covers exchanges, wallets and custodians and calls for coordination with the State Bank of Pakistan and the Securities and Exchange Commission.
- PVARA previously granted No Objection Certificates to Binance and HTX for limited preparatory engagement, which are not full operating licences.