ISLAMABAD – President Asif Ali Zardari has promulgated the Virtual Assets Regulatory Authority Ordinance 2025, which will take immediate effect and apply across the entire country.
Under the ordinance, the authority will function as a corporate body, empowered to file legal cases, own property, conduct transactions, and enter into contracts. The authority’s head office will be based in Islamabad, with the provision to establish regional offices as needed.
The authority will be responsible for issuing, suspending, or revoking licenses for virtual asset service providers and will develop regulations for the monitoring and oversight of virtual assets.
The ordinance empowers the authority to take measures for the prevention of money laundering and terror financing. It will also have the power to investigate, impose penalties, and take regulatory action.
A governing board will manage the authority’s affairs, serving as the highest policy-making body. The board will include a chairperson and two members from the Ministry of Finance and Ministry of Law. It may also induct additional members as advisors with board approval. The tenure for the chairperson and non-official members will be three years.
No individual or entity will be allowed to provide virtual asset-related services without a license. Operating without a license will be considered a criminal offense, punishable by fines. Those seeking a license must submit an application along with the prescribed fee.
The authority will conduct thorough checks of applicants’ financial and administrative capabilities, as well as their criminal records. It will have the power to revoke licenses in case of regulatory violations or financial instability. The authority will also be able to inspect operations, request records, and summon parties for hearings.
Additionally, the authority will have the power to suspend licenses and shut down services in case of violations, and may seek assistance from courts or law enforcement agencies.
Licensed service providers will be required to offer clear and transparent information to consumers, ensure the protection of financial assets, address complaints, and take effective measures to prevent fraud.
