Pakistan establishes Virtual Asset Regulatory Authority PVARA to promote the development of the crypto industry

PANews reported on July 8 that according to Cointelegraph , the Pakistani federal government has established the Pakistan Virtual Asset Regulatory Authority ( PVARA ) as an independent agency responsible for regulating the country's digital asset industry, issuing licenses and supervising virtual asset service providers, and ensuring that they comply with international standards, including the relevant guidelines of the Financial Action Task Force ( FATF ). Finance Minister Muhammad Aurangzeb said Pakistan will attract global investment and promote financial innovation with an innovative regulatory framework. Although the International Monetary Fund ( IMF ) has opposed Pakistan's proposal to provide electricity subsidies for high-energy-consuming industries such as Bitcoin miners, the country is still actively promoting digital transformation and the development of the crypto industry.