Pakistan Establishes Virtual Assets Regulatory Authority PVARA

According to ChainCatcher, citing a report from Cointelegraph, the Pakistani federal government has recently officially established the Pakistan Virtual Assets Regulatory Authority (PVARA). This agency will serve as an independent regulatory body responsible for licensing, supervising, and ensuring compliance within the country's digital asset industry. Finance Minister Mohammad Aurangzeb stated that this move aims to establish a forward-looking regulatory framework to protect consumers and attract global investment.

Previously, Pakistan had allocated 2,000 megawatts of electricity for Bitcoin mining and the construction of artificial intelligence centers. The plan received support from the Ministry of Finance but faced opposition from the International Monetary Fund (IMF).