ISLAMABAD: Chairman Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal bin Saqib said on Saturday that the new regulations on virtual asset services have been notified and legalised and this step will protect digital investors from fraud.

Under the system, Pakistan would license and regulate virtual asset service providers. The regulations, which are part of the Virtual Assets Act, 2026, list ten types of licences, including exchange, custody, broker-dealer, advisory, lending and borrowing, derivatives, asset management, transfer and settlement, issuance and mining related services.

Each category puts up detailed standards including conduct, prudential, technology and anti-money laundering (AML) and countering the funding of “terrorism” (CFT).

The action is part of Pakistan’s broader attempt to formalise the oversight of cryptocurrencies and other digital currencies, bringing a largely uncontrolled industry under a framework in line with global norms to promote transparency, compliance and investor protection.

“This means that now there is a clear framework, a licensing process and a legal front door for any business that wants to provide virtual asset services in Pakistan, whether they are Pakistani or global,” Saqib said in a televised statement.

The rules would help safeguard investors in digital currencies from fraud and put the entire crypto market under the rule of law, the official added.

In Pakistan, the crypto market has been operating without any law and millions of people were participating in trading of digital currencies,” he said.

“But there were no regulations, no regulations at all,” he claimed. “And when such a big economic activity is outside the law, the risk is on both sides.

In a separate news release by PVARA, the authority said existing virtual asset operators need to apply for a no-objection certificate with the authority by September 5.

“Any person who was providing virtual asset services before the commencement of the Act shall submit a NOC application by such date or shall cease to provide virtual asset services,” PVARA added. “After that date, operating without an application is an offense.”

Licensed virtual asset service providers must maintain customer holdings distinct from their own and cannot lend or pledge them without prior approval, said PVARA. “Promises will be binding commitments,” the authority added.

The authority said it will allow licensed providers to get into the formal banking system.

The dealers’ margin on petrol and diesel has been increased by 14 per cent with immediate effect and Rs1.34 per litre allowed for the dealers of both petroleum products.

The dealers’ profit has gone up from Rs8.64 to Rs9.98 per litre following the hike.

The rise in the dealers’ margin is effective from immediately.

The government had raised the price of fuel by Rs3.81 a litre the previous nite, bringing its new price to Rs341.59 a litre.

Likewise, the price of high-speed diesel was increased by Rs3.59 per litre, with the new price set at Rs368.29 per litre.

The government has again hiked prices of fuel and high speed diesel and announced the new rates that would be effective for three days from Aug 22 to Aug 24.

An official statement said on Friday that the fuel price has been increased by Rs3.81 per litre to Rs341.59 per litre.

The price of high-speed diesel has also been raised by Rs3.59 per litre and the new price is Rs368.29 per litre.

The new tariffs will be effective from Aug 22 and will be valid till Aug 24.

The newest move comes after another change in petroleum prices as the government is revising fuel costs more often under its new pricing methodology.

Petrol and diesel costs remain significant to consumers and businesses as they directly effect household spending, transport and economic activity.

With the recent rise, a consumer buying 40 litres of fuel will now spend roughly Rs13,664, while filling a 50-litre tank will cost around Rs17,080 at the new rate.

High speed diesel has wider impact on economy through its wide use in transportation of commodities, agriculture and commercial vehicles. Higher diesel prices can raise freight and logistics costs, which can increase the cost of moving key commodities and other goods.