The Senate Standing Committee on Finance and Revenue on Wednesday recommended placing the Virtual Assets Authority under the Finance Division instead of the Cabinet Division, according to a statement from the Senate Secretariat.
Senator Saleem Mandviwalla chaired the committee meeting held at the Parliament House to discuss the Virtual Assets Bill,2025 that aimed to regulate virtual assets following established International practices.
“While thoroughly examining the bill, the committee recommended that the Virtual Assets Authority should be placed under the Finance Division instead of Cabinet Division given the nature of the subject,” the statement read.
“It was also informed that the given Virtual Assets Authority will play a key role in combating money laundering, terror financing and other illicit activities.”
The committee also set the upper age limit of 55 years with five experience in Digital Finance and Technology for appointment as chairperson of the authority.
“After an extensive discussion, the Committee deferred the deliberations on the Bill till the next meeting.”
Last month, the Pakistan Virtual Assets Regulatory Authority (PVARA), in its first board meeting, deliberated on withdrawing the State Bank of Pakistan’s (SBP) 2018 ban on virtual currencies while setting out a roadmap for AI-driven risk management, licensing, and regulatory frameworks.
PVARA board, in its meeting in Islamabad, “discussed the withdrawal of BPRD Circular No. 03 of 2018, issued by the SBP, which had directed financial institutions to refrain from dealing in virtual currencies and tokens,” read an official statement then.
As per the SBP circular, virtual currencies (VCs) like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings (ICO) tokens are not legal tender, issued or guaranteed by the Government of Pakistan.