Pakistan Establishes Virtual Asset Regulatory Authority with New Cryptocurrency Law

Pakistan's parliament has enacted a new cryptocurrency law, establishing the federal Virtual Asset Regulatory Authority (PVARA). According to NS3.AI, this regulatory body will oversee and license service providers, including exchanges and token issuers. The legislation imposes fines of up to $179,000 for operating unlicensed crypto businesses. Additionally, conducting such activities without a license is now a criminal offense, carrying potential prison sentences of up to five years.