Govt Allocates Rs 800M to Operationalize PVARA
The government has allocated Rs 800 million to operationalize the Pakistan Virtual Asset Regulatory Authority (PVARA).
The Cabinet Division briefed the Economic Coordination Committee (ECC) in a recent meeting that the President of Pakistan was pleased to promulgate the Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025), which was published in the Gazette of Pakistan on 8th July, 2025.Government Pushes Digital Access Across Punjab
Subsequently, in pursuance of Section 6 of the Ordinance, the Federal Government established the Pakistan Virtual Asset Regulatory Authority (PVARA), which was notified by the Cabinet Division on July 21, 2025.
The ECC was apprised that PVARA was mandated with licensing, supervision, and regulation of Virtual Asset Service Providers across Pakistan. The Authority had also been empowered to conduct hearings, facilitate stakeholder consultations, and ensure compliance with standards prescribed under international frameworks such as the Financial Action Task Force (FATF).
It was further apprised that PVARA had submitted its financial requirements amounting to Rs. 800.00 million for its operationalisation.
The Economic Coordination Committee (ECC) was requested to approve the allocation of Rs. 800.00 million through a Technical Supplementary Grant (TSG) in favour of the Cabinet Division for the operationalisation of the Pakistan Virtual Asset Regulatory Authority (PVARA).
It was also highlighted that the Summary was routed through the Finance Division, and they had endorsed it. The approval of the ECC of the Cabinet was, therefore, solicited for the proposal.
The Economic Coordination Committee (ECC) of the Cabinet considered the summary submitted by the Cabinet Division regarding “Allocation of Rs. 800.00 Million Through TSG for Operationalisation of Pakistan Virtual Asset Regulatory Authority (PVARA)” and approved the proposal with the stipulation that the release of funds will be phased by the Finance Division as per need/requirement.
