Regulatory body formed to oversee digital assets

ISLAMABAD: The government formally announced the creation of the Pakistan Virtual Assets Regulatory Authority (PVARA) on Monday to operate as an independent regulator for licencing, monitoring and supervising virtual asset service providers (Vasp), ensuring alignment with the Financial Action Task Force (FATF) guidelines and international best practices.

“The federal cabinet has formally approved the summary for the creation of the PVARA, a landmark step towards establishing a comprehensive...