Breaking: Senate Passes Virtual Assets Bill 2026, Paving Way for Binance, Exness & Others

The Senate on Thursday passed the Virtual Assets Bill 2026, a key piece of legislation aimed at bringing Pakistan’s digital asset sector under a formal regulatory framework.

The bill provides for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA), which will be responsible for licensing, regulating, and supervising virtual asset service providers operating in the country. The framework seeks to ensure investor protection, market transparency, and compliance with international standards.

Under the proposed law, PVARA will oversee the registration and licensing of virtual asset exchanges, custody providers, and related service operators. It will set conduct requirements, introduce customer-protection safeguards, and enforce anti-money-laundering and counterterrorism financing measures. The authority will also coordinate with financial regulators, including the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan, to maintain oversight of the evolving sector.

Bilal Bin Saqib MBE, chairperson of PVARA, described the development as a turning point for Pakistan’s digital economy. He said the legislation aims to convert years of largely unregulated activity into a structured and transparent ecosystem capable of attracting responsible investment.

The bill will now move to the National Assembly for consideration. Following parliamentary approval, it will require presidential assent to become law.

Pakistan is considered one of the largest cryptocurrency adoption markets globally, with millions of users participating in virtual asset trading and related activities. Policymakers say the legislation provides a legal foundation to channel this growth into a regulated system designed to balance innovation with financial stability.

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