The Pakistani government has established the Virtual Asset Regulatory Authority PVARA as an independent regulatory body for virtual asset service providers

Foresight News reported that according to Dawn, the Pakistani government has officially announced the establishment of the Pakistan Virtual Asset Regulatory Authority (PVARA) as an independent regulatory agency for virtual asset service providers (Vasp), responsible for licensing, monitoring, and supervision to ensure compliance with the guidelines of the Financial Action Task Force (FATF) and international best practices. Once the legislation is passed, the agency will be responsible for issuing licenses, regulating virtual asset service providers, developing technical standards, and coordinating compliance with guidelines from the Financial Action Task Force, the International Monetary Fund, and the World Bank. The statement also added that the agency will supervise the public protection mechanisms, anti money laundering protocols, and network risk mitigation measures for all virtual asset transactions in China.