President of Pakistan Issues Virtual Assets Regulatory Authority Ordinance 2025

Islamabad: The President of Pakistan, Asif Ali Zardari, has promulgated the Virtual Assets Regulatory Authority Ordinance 2025, which will be implemented nationwide and is immediately enforceable. The newly established authority will function as a corporate body with the power to file cases.
According to the ordinance, the authority will have the ability to own property, engage in buying and selling, and enter into contracts. Its headquarters will be based in Islamabad, with the potential to establish regional offices across the country.
The authority will have the power to issue, suspend, or revoke licenses for virtual asset providers and services. Additionally, it will create regulations for the monitoring and regulation of virtual assets and service providers. The ordinance also mandates the authority to take measures against money laundering and the financing of terrorism.
The authority will be empowered to carry out investigations, initiate disciplinary actions, and impose fines. To manage its operations, a board will oversee the authority, acting as its highest policymaking body. The board will consist of the Chairman and two members from the Ministry of Finance and the Ministry of Law. The board may also include additional members as advisors with approval. The term of the Chairman and non-government members will be three years.
The ordinance specifies that no individual or entity can provide services related to virtual assets without a license. Anyone working without a license will be considered guilty of a crime and may face fines. Those wishing to obtain a license will be required to submit an application to the authority along with the prescribed fee.
The authority will assess the financial, administrative capabilities, and criminal background of the applicants. If an entity violates regulations or fails to maintain financial stability, the authority has the power to revoke the license. It will also have the right to conduct inspections, demand records, and summon parties for inquiries.
In case of violations, the authority can order the suspension of services and license revocation. It will also have the authority to seek assistance from courts or law enforcement agencies. Licensed entities will be required to provide clear and complete information to consumers regarding their services, ensure the protection of financial assets, address complaints, and take necessary actions to prevent fraud.