A new entity has been established in Pakistan, the Pakistan Virtual Assets Regulatory Authority (PVARA) supposed to monitor the digital asset sector in the country.
A Tuesday report by English-language local news outlet Dawn said that PVARA will be an independent regulator whose responsibilities will include licensing, monitoring and oversees virtual assets service providers. It will also meet international standards in that they will be in position to comply with guidelines of the Financial Action Task Force (FATF).
The report piggybacks an announcement of late May by the Pakistan Ministry of Finance, which supported the establishment of the regulatory body. Pakistan Federal Minister of Finance and Revenue Muhammad Aurangzeb asserted that the nation not only needed to regulators, but also that, it needed to regulate in order to be ahead.
Aurangzeb has stated that they are making a future-proof framework that safeguards the consumer, opens the Pakistani market to international investments, and establish him at the frontline of fiscal innovation.
Pakistan is going to live irrespective of IMF resistance
According to the statement of the country Ministry of Finance quoted by Dawn, the decision to create PVARA was labelled by the country as a critical inflexion point. It is one of several initiatives by the Pakistani authorities to enter the maelstrom of crypto and digital finance.
This plan has experienced challenges. According to a report, the International Monetary Fund (IMF) last week turned down an offer to give subsidized power to energy-intensive companies
such as Bitcoin.
BTC
$108,764
miners.
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That was after May reports that Pakistan had planned to allocate 2,000 megawatts of its surplus power to Bitcoin mining as well as artificial intelligence centers.
This was carried out by the Pakistan Crypto Council in collaboration with the Ministry of Finance.
Field related: Can Bitcoin solve the energy problem of Pakistan? The mining plan of 2,000 megawatt explained
Pakistan In June, the Minister of State for Crypto and Blockchain, Bilal Bin Saqib, visited the U.S. meeting the chairman and CEO of Cantor Fitzgerald Brandon Lutnick, and New York City Mayor Eric Adams in early June.
The meeting with Lutnick resulted in the discussion about the subject of tokenization, Bitcoin mining, the future of Web3 in Pakistan, as well as the opportunities of collaboration. On the same note, the meeting between the two leaders that took place at the European Union and America summit discussed the possibility of cooperation between New York City and the Pakistan crypto council.
Bilal bin Saqib shaking hands with Robert (Bo) Hines. Source: 24NewsHD
Earlier in June Saqib also visited the White House meeting with Robert Hines, the executive director of the US President Donald Trump Council on Digital Assets. Collaboration in crypto projects like the mining in Pakistan or Bitcoin holdings were of focus.