Virtual Assets Regulatory Authority Bill 2025 Presented in National AssemblyIslamabad
Islamabad(Hum Gawah)The Virtual Assets Regulatory Authority Bill 2025 was presented in the National Assembly session chaired by Speaker Sardar Ayaz Sadiq.
According to the bill, the law will be applicable across the country with immediate effect. The authority will function as an independent corporate body with the powers to file cases, own property, make purchases, and enter into agreements. Its headquarters will be established in Islamabad, with the option to set up regional offices across the country.
The authority will have the mandate to issue, suspend, or revoke licenses for virtual assets and service providers. No individual or entity will be allowed to operate in virtual assets-related services without a license; violators will be deemed guilty of committing an offense and may face penalties.
The authority will also introduce regulations to monitor virtual assets, prevent money laundering, and combat terror financing. It will have the power to conduct investigations, impose fines, and carry out enforcement actions.
An administrative board will govern the authority, serving as its highest policy-making body. The board will include a chairman, representatives from the Ministry of Finance and the Ministry of Law, and may appoint additional advisors. The tenure of the chairman and non-government members will be three years.
As per the bill, applicants seeking a license must submit a formal request with the prescribed fee. Their financial and administrative capacity, along with the absence of any criminal record, will be scrutinized. Licenses may be revoked in cases of regulatory violations or financial instability.
Licensed entities will be required to provide consumers with transparent information, ensure the protection of financial assets, address grievances, and implement safeguards against fraud.
