Latest news with #PVARA
Arab News
5 days ago
- Business
- Arab News
Bitcoin pioneer Michael Saylor holds ‘landmark' talks with Pakistan Crypto Council officials
KARACHI: Pakistani officials held a 'landmark discussion' this week with Michael Saylor, bitcoin advocate and billionaire US business executive, on using digital currencies to strengthen Pakistan's financial resilience and its digital economy, according to a statement released on Sunday. Pakistan set up the Pakistan Crypto Council (PCC) in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF). Last month, the government approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure, and separately also unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas. Talks this week between Saylor and Pakistan's Finance Minister Muhammad Aurangzeb and Minister of State for Crypto and Blockchain Bilal Bin Saqib focused on how bitcoin could be used as part of sovereign reserves and monetary policy. 'Pakistan aspires to lead the Global South in the development and adoption of digital assets, setting a benchmark for innovation, regulation, and inclusive growth in the digital economy,' Finance Minister Aurangzeb, who is the chairman of the PCC, was quoted as saying in a statement released by Saqib's office. Saylor, one of the world's most prominent corporate bitcoin investors, welcomed Pakistan's move to explore digital assets, the statement added. 'Pakistan has many brilliant people. It also has commitment and clarity needed by businesses globally … Bitcoin is the strongest asset for long-term national resilience,' Saylor said during the meeting, according to the statement, adding that emerging markets like Pakistan could benefit from early adoption of blockchain finance. Saylor also reportedly praised Pakistan's efforts to take a 'forward-looking, innovation-friendly stance' in the global digital economy and welcomed the opportunity to advise and support ongoing developments in the country related to digital assets. Saylor's company, Strategy, formerly MicroStrategy, is the world's largest corporate holder of bitcoin, reportedly holding about 582,000 BTC valued at over $62 billion as of June 2025. The company's market capitalization has risen from $1.2 billion to over $105 billion since it adopted bitcoin as a core asset in 2020.
Arab News
06-06-2025
- Business
- Arab News
Pakistan moves to build ‘direct collaboration' with New York Crypto Council
KARACHI: Pakistan's Minister of State for Crypto and Blockchain, Bilal Bin Saqib, has met New York City Mayor Eric Adams, in a 'key step' toward building 'direct collaboration' between the crypto councils of Pakistan and New York, Saqib's office said in a statement on Friday. The minister, who is also the CEO of the Pakistan Crypto Council (PCC), has been on a visit to the United States since last month, where he has met over a dozen key US government officials and lawmakers to strengthen cooperation in the areas of digital assets, blockchain regulation, and financial innovation. Pakistan set up the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF). Last month, the government also approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure. Saqib last week also unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas. 'Both New York City and Pakistan have taken bold steps by establishing dedicated Crypto Councils to support the responsible growth of the digital economy,' a statement from Saqib's office said after he met Adams. 'This meeting marked a key step toward building direct collaboration between the New York Crypto Council and the Pakistan Crypto Council— two government-backed bodies committed to shaping the future of Web3.' Adams and Saqib explored opportunities to co-develop knowledge-sharing initiatives, capacity-building programs, and strategic advisory efforts to foster innovation and also discussed regulatory compliance. 'This event marked the final stop on Minister Saqib's official US tour focused on blockchain innovation, public-private partnerships, and advancing global crypto collaboration. The meeting at Gracie Mansion offered a fitting conclusion— highlighting New York City's pivotal role in global tech leadership and Pakistan's emergence as a bold new voice in the digital asset space,' the statement said. Late last month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence data centers. The allocation is the first phase of a broader, multi-stage digital infrastructure roll-out. On Thursday, Pakistan's Finance Minister Muhammad Aurangzeb chaired a meeting at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in the country. The law ministry tabled a draft of the proposed legal framework during the meeting, which was developed through close collaboration with members of the PCC, key stakeholders and technical experts. 'During the meeting, the draft was thoroughly reviewed and refined,' the Finance Division said. 'It was collectively agreed that in-principle approval process will be fast-tracked to ensure timely enactment and effective implementation.' The draft legislation outlines a regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols and investor protection provisions, the statement said. The proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem, the statement added.
Arab News
02-06-2025
- Business
- Arab News
New virtual assets regulator tops agenda as Pakistan crypto council meets today
KARACHI: Pakistan plans to establish a regulatory body to oversee digital assets, with the proposal set to be at the top of the agenda of a meeting today, Monday, of the Pakistan Crypto Council (PCC), the finance ministry said. Pakistan set up the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF). Last month, the government also approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure. 'The Pakistan Crypto Council will convene a high-level meeting on Monday, 2nd June 2025, to be chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue,' the ministry said in a statement. Aurangzeb is also the chairperson of the PCC. 'Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements,' the statement added. 'A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country.' Earlier this month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence data centers. The allocation is the first phase of a broader, multi-stage digital infrastructure roll-out. Last week, Bilal Bin Saqib, the CEO of the Pakistan Crypto Council, unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas. The central bank said last week it had not declared virtual assets illegal but had in 2018 advised regulated entities to avoid dealing in virtual assets 'due to the absence of any legal and regulatory framework.' 'This was done to protect its regulated entities and their customers from the risks emanating due to the absence of legal and regulatory framework for VAs in the country,' the central bank said in a statement. 'The SBP and Finance Division are currently engaged with the Pakistan Crypto Council established by the Federal Government for, among others, developing an appropriate legal and regulatory framework for VAs in Pakistan. We understand that the legal and regulatory framework would provide the requisite clarity and legal coverage about the VAs ensuring consumer and investor protection.'
Arab News
30-05-2025
- Business
- Arab News
Pakistan plans virtual assets regulator as crypto council convenes next week
KARACHI: Pakistan plans to establish a regulatory body to oversee digital assets, with the proposal set to be discussed at a meeting of the Pakistan Crypto Council next week, the finance minister said on Friday. The move marks a significant shift for the South Asian nation, which had previously banned cryptocurrency transactions in 2018, citing financial risks and lack of regulation. The Pakistan Crypto Council, set up in March, was formed to guide policy on blockchain, digital currencies and attract crypto-related investment as the government reconsiders its approach to digital finance. 'The Pakistan Crypto Council will convene a high-level meeting on Monday, 2nd June 2025, to be chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue,' the ministry said in an official statement. 'Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements,' it continued. 'A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country.' Earlier this month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence (AI) data centers. Additionally, Bilal Bin Saqib, CEO of the Pakistan Crypto Council, unveiled the country's first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas. The upcoming council meeting aims to lay down the foundation for a secure, transparent and innovation-friendly regulatory environment. The finance ministry said the upcoming meeting would reflect the government's commitment to shaping a future-ready financial infrastructure while ensuring stability and compliance in the emerging digital economy.
