ISLAMABAD: On Thursday, President Asif Ali Zardari signed the Virtual Assets Regulatory Authority (Vara) Ordinance 2025, which establishes a new body to regulate virtual asset services in Pakistan. The ordinance aims to tackle money laundering and terrorist financing while ensuring the proper oversight of virtual asset transactions within the country.
The ordinance comes into immediate effect nationwide, with the authority’s head office located in Islamabad, although regional offices can be set up as needed. Vara will operate as a corporate entity, granting it the authority to acquire property, engage in contracts, make purchases and sales, and even file legal cases.
The new regulatory body will oversee the issuance, suspension, and revocation of licenses for virtual asset service providers. It will also regulate the virtual assets sector, enforce anti-money laundering and anti-terrorism financing measures, and have the power to investigate, impose fines, and take disciplinary actions.
The ordinance stipulates that a board will govern Vara, with the chairman and two members representing the Finance and Law Ministries. The board may include additional advisers. The chairman and non-official members will serve for a term of three years.
Furthermore, the ordinance mandates that no individual or entity may provide virtual asset services without a license from Vara. It also specifies that those offering such services without proper authorization may face fines.
