Moaaz Manzoor

The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, took up the Virtual Assets Bill 2025 on Tuesday, underlining its potential to align Pakistan’s financial framework with international practices and strengthen safeguards against illicit activities.

The government bill aims to establish a Virtual Assets Authority, which will be mandated to regulate virtual currencies, issuers, and providers. Secretary for Law and Justice Raja Naeem Akbar informed the committee that the authority would play a central role in countering money laundering, terror financing, and related financial crimes, while also generating revenue through licensing fees, penalties, sanctions, and government funding.

Executive Director, State Bank of Pakistan, Dr. Inayat Hussain, added that the central bank digital currency and the Pakistani rupee would be used interchangeably. During the discussion, members proposed placing the Virtual Assets Authority under the Finance Division rather than the Cabinet Division, citing the technical and financial nature of its responsibilities. They further recommended setting an upper age limit of 55 years, along with at least five years of experience in digital finance and technology, for the post of chairperson.

Although the bill received detailed consideration, the committee deferred final recommendations until its next meeting. Separately, the committee reviewed the emoluments of the Securities and Exchange Commission of Pakistan (SECP).  Having observed substantial increases in pay structures, the members deferred the matter and decided to seek input from the Federal Secretary of Finance and Revenue.

The meeting was attended by Senators Anusha Rahman, Ahmad Khan, Dilawar Khan, Zeeshan Khanzada, Mohsin Aziz, Syed Faisal Ali Subzwari, Ahmed Khan, Shahzaib Durrani, Special Secretary for Finance and Revenue Nasheeta Mohsin, SECP Chairman Alif Saeed, and other senior officials. The committee’s deliberations mark a forward-looking step in Pakistan’s transition toward regulated digital finance, following the State Bank of Pakistan’s 2018 ban on virtual currencies due to regulatory gaps.

Credit: INP-WealthPk