New framework to ensure transparency, investor protectionMinister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, has said that Pakistan is moving closer to establishing a comprehensive licensing regime for virtual asset service providers, marking a significant milestone for the country's virtual assets sector. He made these remarks while chairing the third meeting of PVARA, convened to review progress on the development of a regulatory framework for virtual assets. Participants reviewed advancements in the formulation of the regulatory framework, with particular focus on human resource and licensing regulations. Officials noted that Pakistan is now nearing the establishment of a full licensing system for virtual asset service providers. Bin Saqib described the progress as a key milestone for the sector, adding that the upcoming regulatory framework would be transparent, modern and risk-based.