Business Desk 
Aug 27, 2025
The longstanding crypto ban, imposed by the State Bank of Pakistan (SBP) in 2018, is on the verge of dismissal, as the Pakistan Virtual Assets Regulatory Authority (PVARA) has hinted at the possibility of repealing it.
During the first board meeting taking place on Tuesday, PVARA officials outlined plans for AI-driven risk management and new licensing and regulatory frameworks.
PVARA Chairman Bilal bin Saqib stated: “Today is a defining moment for Pakistan’s virtual assets ecosystem. PVARA will safeguard financial integrity while fostering innovation, investment, and opportunity.”
The board reviewed the SBP's BPRD Circular No. 03 of 2018, which strictly prohibited financial institutions from dealing with virtual currencies and tokens.
A statement issued by the SBP noted that virtual currencies like Bitcoin, Litecoin, and others are not recognised as legal tender in Pakistan.
The SBP had previously stated that it had not authorised any individual or entity to engage in the issuance, sale, or trading of virtual currencies. Moreover, all banks and financial institutions were advised to refrain from any transactions involving these currencies and report any suspicious activity to the Financial Monitoring Unit (FMU).
The virtual assets regulatory body also disclosed plans to hold bi-monthly meetings for the first six months to gather feedback and engage stakeholders. The creation of a complaint portal was also agreed upon, which will be developed with the National Cyber Crime Investigation Agency (NCCIA) to address issues related to virtual assets.
The PVARA chief emphasised the authority's ambition of building trust and enhancing Pakistan’s reputation in the global virtual assets market.
