Islamabad: President Asif Zardari has issued the Virtual Assets Regulatory Authority Ordinance 2025.

The ordinance applies nationwide and comes into immediate effect. The Authority will function as a corporate entity with powers to file cases, own property, enter into contracts, and engage in buying and selling.

According to the ordinance:

• The Authority’s head office will be in Islamabad, with the power to establish regional offices across the country.
• It will issue, suspend, or cancel licenses for virtual asset service providers.
• The Authority will formulate regulations for monitoring and regulating virtual assets.
• It will also take measures to prevent money laundering and terrorist financing.

The Authority will have investigative powers, the ability to take regulatory actions, and impose penalties.

A board will govern the Authority, acting as its top policy-making body. It will include:

• A Chairman
• Two members from the Ministry of Finance and the Ministry of Law
• The board may also appoint additional advisors as members.

The Chairman and non-government members will serve for a term of three years.

Under the ordinance:

• No individual can provide virtual asset-related services without a license.
• Operating without a license will be considered a criminal offense and may result in fines.
• Applicants must submit a formal application with a prescribed fee.
• The Authority will verify the applicant’s financial and administrative competence and check for any criminal record.

The Authority can revoke licenses for regulatory violations or financial instability. It also has the authority to inspect, demand records, summon parties, suspend services, or revoke licenses for non-compliance.