Islamabad:
The federal government has decided to establish Pakistan Virtual Assets Regulatory Authority (Pvara) to oversee all issues related to virtual assets, including cryptocurrency and licensing, said officials on Monday.
According to the authorities, the new body will handle the licensing process for crypto companies, monitor virtual asset service providers (VASP) and monitor all related activities in accordance with the Financial Action Task Force (FATF) and International Monetary Fund (IMF) standards.
Officials said the license process will not be completed for at least another three months when the case was “sensitive” and demanded careful compliance with international protocols.
They added that consultations were in the process of countries where cryptocurrency operations are already in place. The central responsibility of the authority would be to prevent money laundering. It will maintain users’ transaction history and items, monitor customer activity and have real -time access to the information from licensed persons.
Pvara will also exchange information with domestic and foreign institutions with overseas data sharing subject to the approval of the federal government.
The authority will frame guidelines in accordance with FATF standards and coordinate with other agencies to ensure strict compliance. It will regulate all aspects of virtual asset laws in Pakistan, oversee service providers and serve as the central body of implementation of rules and monitoring of the sector.
