Key Highlights
- Pakistan’s Senate committee approved a draft bill to make cryptocurrency trading legal.
- PVARA will give licenses, control exchanges, and regulate crypto activities, including major coins like Bitcoin, Ethereum, and XRP.
A Pakistani Senate committee has reportedly given the go-ahead to a new bill that would allow people to legally trade cryptocurrencies in the country.
The proposed “Virtual Asset Act 2026” will establish regulations for cryptocurrencies and the companies that facilitate their trading within the country.
PVARA to control the crypto licenses
Pakistan’s new Virtual Assets Regulatory Authority (PVARA) will be able to license cryptocurrency businesses and mining operations, and oversee all companies working with crypto.
According to Senator Dr. Afnan Ullah Khan, the new law will empower the existing Pakistan Virtual Asset Regulatory Authority (PVARA) to license and oversee all aspects of the cryptocurrency market, including the creation of crypto coins and mining operations.
Officials will also be evaluating which companies are able to raise capital and create cryptocurrency. According to Dr. Afnan, the proposed law needs to be approved by both the Senate and the National Assembly before being signed by the president. Once signed, cryptocurrency trading will be permitted in the country.
Pakistan will now allow major cryptocurrencies like Bitcoin, Ethereum, and XRP to be bought and sold through authorized crypto exchanges.
Rules to prevent illegal activity
The proposed rules aim to prevent illegal practices such as money laundering. Dr. Afnan stated that any cryptocurrency company violating these rules will be subject to fines.
As an analyst, I’ve been following Pakistan’s development of this new crypto framework closely. It comes after they effectively banned cryptocurrency trading back in 2018, primarily due to concerns about financial risks and the absence of clear rules. At that time, they instructed banks and other financial institutions to stop processing any transactions involving digital currencies.
Even with these restrictions, a crypto market was still developing in the country, largely through direct trades between individuals.
Recent partnerships and preparatory steps
Pakistan has recently partnered with SC Financial Technologies, a firm with ties to World Liberty Financial and, through that, to the family of former U.S. President Donald Trump, as part of its growing involvement with cryptocurrency.
The agreement focused on testing cross-border payments using a stablecoin backed by US dollars. A previous report indicated that SC Financial Technologies will collaborate with Pakistan’s central banks to evaluate how their WLFI stablecoin could function alongside Pakistan’s existing digital currency system, with the goal of simplifying international money transfers.
Before the new law was passed, officials had already allowed Binance and HTX, two major cryptocurrency exchanges, to begin some preliminary work in Pakistan. These permissions, called No Objection Certificates, allowed them to prepare under government oversight, but they don’t represent full operating licenses. The parliamentary committee reviewed the law thoroughly and unanimously approved it.
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2026-02-26 08:58