Senate Committee Approves Law to Regulate Cryptocurrencies in Pakistan

Pakistan has taken a major step toward regulating digital finance after the Standing Committee on the Cabinet Secretariat of the Senate on Wednesday unanimously approved the Virtual Assets Bill 2025 to bring virtual assets within the country’s formal legal and regulatory framework. The move seeks to strengthen investor protection, enhance transparency, and ensure effective oversight of digital asset markets. The proposed legislation provides for the establishment of a dedicated regulatory authority to oversee Virtual Asset Service Providers (VASPs), introduce licensing requirements, and enforce compliance standards to mitigate financial and operational risks linked to virtual asset transactions. The development emerged during a meeting of the Standing Committee on the Cabinet Secretariat of the Senate of Pakistan, chaired by Rana Mahmood ul Hassan. After detailed deliberations, the committee unanimously approved the bill, describing it as a milestone for Pakistan’s evolving financial ecosystem and digital economy. Federal Minister for Parliamentary Affairs Tariq Fazal Chaudhry presented the bill and briefed the committee on its regulatory scope and institutional framework. He stated that the legislation would help align Pakistan’s virtual asset regulations with emerging global standards in digital finance. Separately, the committee reviewed a briefing related to a report by the United Nations fact-finding mission and disposed of the matter after discussion. Members also raised concerns over flood damage statistics in Sindh and Balochistan, stressing the need for stronger disaster-response coordination and improved allocation of resources.