The Federal Investigation Agency (FIA) of Pakistan has created a specialized unit to investigate crimes involving cryptocurrencies. This unit will focus on violations related to money laundering and terrorism financing, according to Dawn.
This structure is part of the new National Command and Control Center (NC3). The Pakistan Virtual Assets Regulatory Authority (PVARA) will continue to oversee the regulation of the digital asset market.
Agencies Divide Responsibilities
FIA's Director of Anti-Terrorism Muhammad Atar Wahid explained that the new unit will address the potential use of digital assets in criminal activities. PVARA is responsible for licensing market participants, developing regulations, and overseeing the industry.
According to Dawn, NC3 combines units focused on anti-money laundering and investigations into virtual currency operations. The center also includes open-source intelligence services, cyber patrols, investigations into dark web activities, and an Interpol coordination department.
Wahid urged the National Cyber Crime Agency and Pakistan's Anti-Narcotics Force to establish similar structures. He mentioned that authorities are also developing regulations to set deadlines for conducting investigations.
Pakistan is Forming a Regulatory Framework
In April, the State Bank of Pakistan replaced a 2018 circular that prohibited financial institutions from conducting cryptocurrency transactions. Banks are now allowed to open accounts for licensed Virtual Asset Service Providers (VASPs) approved by PVARA.
Companies with prior regulatory approval—a No Objection Certificate (NOC)—can open limited accounts for licensing purposes. Full operations will only be available after receiving final approval.
PVARA is currently accepting applications for NOCs. The complete licensing regime for VASPs is still under preparation.
Meanwhile, authorities are discussing the status of digital assets with religious leaders. According to Reuters, in June, the Jamia Darul Uloom Karachi seminary ruled that cryptocurrency is not considered property under Islamic law and therefore cannot be used as a means of payment.
PVARA head Bilal bin Saqib called for a distinction between speculative tokens and backed digital instruments. He categorized the latter as fully reserved stablecoins, tokenized gold, and blockchain-recorded Islamic bonds.
It is worth noting that in September 2025, the Pakistan Virtual Assets Regulatory Authority invited leading global crypto companies to apply for participation in the country's emerging digital economy.