Virtual Assets Act

Pakistan

2026-08-21 16:59:45

Pakistan Rolls Out Virtual Assets Act and Invites Crypto Firms to Build in the Country

Pakistan has announced a new regulatory framework for crypto after nearly a decade of prohibition. Bilal Bin Saqib, the prime minister’s special assistant on blockchain and cryptocurrency, used X on Friday to invite foreign companies to set up in the country. The Virtual Assets Act creates Pakistan’s first comprehensive legal framework for virtual assets and the businesses that operate in the sector. The Pakistan Virtual Assets Regulatory Authority said licensing regulations have now been notified and the licensing portal is open. Saqib said the country now has the rules, the regulator and the licensing framework to bring virtual assets into the formal economy, protect consumers and build the foundation for the next generation of financial infrastructure. The law had already cleared the Senate earlier this year and was signed by President Asif Ali Zardari. Pakistan has also previously announced plans for a national strategic Bitcoin reserve and said it would allocate 2,000 MW of surplus electricity to Bitcoin mining and AI data centers. The article was written by Mathew Di Salvo for Bitcoin Magazine.

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Pakistan

2026-07-13 07:05:40

Pakistan’s virtual asset regulator seeks talks with Islamic scholars over crypto ruling

Pakistan’s Virtual Assets Regulatory Authority (PVARA) said it has sought dialogue with Islamic scholars on cryptocurrency regulation after prominent scholar Mufti Muhammad Taqi Usmani issued a fatwa declaring the use and payment of cryptocurrencies to be against Islamic law. Usmani also said Bitcoin and other digital assets do not meet the Sharia definition of wealth. The ruling is not legally binding, but it could affect about 40 million users in Pakistan who use digital assets through informal channels. The development comes as the country pushes ahead with its 2026 Virtual Assets Act. According to CryptoBriefing, the tension between a religious ruling and the state’s regulatory goals could shape the region’s regulatory framework.

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Pakistan

2026-07-13 02:05:42

Pakistan’s Sharia ruling on crypto sparks debate over how digital assets should be regulated

Pakistan is facing fresh debate over the treatment of digital assets after a Sharia ruling classified USDT and other cryptocurrencies as assets not recognized as wealth under Islamic law. Following a meeting with Islamic scholar Mufti Taqi Usmani, Bilal bin Saqib, chairman of Pakistan’s Virtual Assets Regulatory Authority, said stablecoins, tokenized real-world assets, and other blockchain products should not be grouped together and instead need separate technical and Sharia reviews. The comments came after Usmani and other scholars issued a religious ruling stating that transactions using USDT and other cryptocurrencies to purchase physical goods or digital services are invalid. The issue matters because Pakistan has already moved to build a legal structure for the sector. In March this year, the country passed its Virtual Assets Act, requiring exchanges, custodians, and token issuers to keep their operations Sharia-compliant under guidance from a council of Islamic finance scholars. Pakistan is also working on a sovereign stablecoin, tokenization of state assets, and licenses for crypto trading platforms.

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