{ "jurisdiction_id": "PK", "jurisdiction": "Pakistan", "url": "https://cryptoassets.gi/jurisdictions/pakistan/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-17", "schema_version": "crypto-v2.0.0", "counts": { "modules": 8, "sourced_findings": 18, "source_register": 16 }, "modules": [ { "code": "crypto_licensing", "name": "Crypto Licensing", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/pakistan/#crypto-licensing-crypto-licensing", "standing_position": "Pakistan has moved from an unregulated, restriction-adjacent posture to a statutory licensing regime. Parliament passed the Virtual Assets Act, 2026, converting the Pakistan Virtual Assets Regulatory Authority (PVARA) — first constituted by presidential ordinance in July 2025 — into a permanent federal licensing authority for Virtual Asset Service Providers (VASPs), with SBP simultaneously lifting its 2018 restriction on bank facilitation of crypto conditioned on PVARA licensure. Implementing details (e.g., virtual asset zones) remain undesignated, and independent T1 verification of Gazette publication/effective date is still pending.", "findings": [ { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "token_classification", "name": "Token Classification", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/pakistan/#token-classification-token-classification", "standing_position": "Pakistan's token classification regime remains largely unclassified pending PVARA secondary rulemaking. SECP's position paper and a standing directive on virtual currencies apply general securities-law characterisation to token issuances, while PVARA/finance-ministry statements signal a forthcoming sovereign stablecoin and Sharia-compliance-driven sub-categorisation distinguishing unbacked cryptocurrencies, fiat-backed stablecoins, and tokenized securities.", "findings": [ { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "on_chain_activity_regime", "name": "On-Chain Activity Regime", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/pakistan/#on-chain-activity-regime-on-chain-activity-regime", "standing_position": "Pakistan has publicly announced plans for state-asset tokenization, expanded Bitcoin mining allocation, and a national stablecoin/CBDC pilot, but no dedicated statutory regime for staking, DeFi lending, DEX operation, mining licensing or validator/node operation has been confirmed as in force. Current mining and tokenization initiatives are government-driven MoUs and policy allocations rather than codified private-sector licensing rules.", "findings": [ { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "stablecoin_regime", "name": "Stablecoin Regime", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/pakistan/#stablecoin-regime-stablecoin-regime", "standing_position": "Pakistan has no enacted stablecoin-specific statute. PVARA and the Finance Ministry have announced intent to launch a sovereign/national stablecoin and have signed an MoU with an affiliate of World Liberty Financial (WLFI) to explore cross-border stablecoin payment infrastructure using the USD1 stablecoin, but issuance authorisation, reserve requirements, redemption rights, and systemic-designation criteria remain unlegislated policy proposals per the seed's CAUTION flag.", "findings": [ { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "consumer_protection", "name": "Consumer Protection", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/pakistan/#consumer-protection-consumer-protection", "standing_position": "Consumer protection for virtual asset activity in Pakistan is emerging through SBP's conditional framework for bank-facilitated VASP accounts, which mandates segregated, non-remunerative client money accounts and bars commingling of client funds, alongside PVARA's Sharia-compliance licensing gate. Standalone marketing-restriction, suitability, or complaint-handling rules specific to VASPs beyond SECP's general securities directive have not been independently confirmed in force.", "findings": [ { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "tax_treatment", "name": "Tax Treatment", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/pakistan/#tax-treatment-tax-treatment", "standing_position": "No Pakistan-specific statutory guidance on the income-tax, capital-gains, VAT/GST, withholding, or reporting treatment of virtual-asset transactions was located in Federal Board of Revenue (FBR) or Finance Division materials reviewed for this run; the Finance Bill 2026 and federal budget documents reviewed do not reference virtual-asset taxation.", "findings": [ { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "cross_border_transfer", "name": "Cross-Border Transfer", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/pakistan/#cross-border-transfer-cross-border-transfer", "standing_position": "Pakistan's cross-border virtual-asset transfer regime is nascent. SBP's 2018-era restriction on outward remittance to overseas crypto/forex trading platforms remains a historical reference point of uncertain current applicability, while PVARA's 2026 MoU with an affiliate of World Liberty Financial signals openness to regulated cross-border stablecoin settlement. No dedicated cross-border travel-rule or reporting-threshold regime specific to virtual assets has been confirmed in force.", "findings": [ { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": null, "instrument_type": null, "source": null, "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "aml_cft_regime", "name": "AML/CFT Regime", "confidence": null, "moved_this_cycle": false, "url": "https://cryptoassets.gi/jurisdictions/pakistan/#aml-cft-regime-aml-cft-regime", "standing_position": "AML/CFT obligations for Pakistani virtual asset service providers are captured under the crypto consumer's subscription to the Financial Integrity Module (FIM) aml_ctf baseline and are not duplicated here. Contextually, SBP's April 2026 circular conditions bank facilitation of VASPs on enhanced due diligence, KYC, AML, CFT and counter-proliferation-financing compliance, and the Virtual Assets Act, 2026 empowers PVARA to address money laundering and terrorist financing risks associated with virtual assets.", "findings": [] } ] }