Pakistan parliament passes bill to formalize crypto regulator

Pakistan's parliament has passed a cryptocurrency law establishing the Virtual Asset Regulatory Authority (PVARA) as a federal agency with the power to license and supervise service providers, The Block reported. The PVARA will be responsible for issuing, suspending, and revoking licenses for crypto businesses, including exchanges and token issuers. Under the new law, operating an unlicensed crypto business will be a criminal offense, punishable by fines of up to $179,000 and a prison sentence of up to five years.