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 Ministry of Religious Affairs has started collecting dues from applicants under the Private Hajj Scheme 2027, directing pilgrims to make all bookings and payments through the official Hajj Portal and Pak Hajj App.

The ministry said applicants would be able to choose an authorised Hajj organiser and select their preferred package through the digital platforms.

It clarified that Hajj companies were not authorised to collect payments directly from pilgrims. All financial transactions under the private scheme will instead be processed through the official Hajj Portal.

Pilgrims have been warned against handing over money to unauthorised agents or individuals, with the ministry stating that applicants would be responsible for any losses resulting from such transactions.

The ministry also advised intending pilgrims not to make direct cash or cheque payments to Hajj organisers.

Applicants already registered under the private scheme can select their Hajj company and package through the portal, while fresh registrations are also continuing through the Hajj Portal and Pak Hajj App.

The ministry said 71,696 pilgrims have been allocated a quota under the Private Hajj Scheme 2027.

According to Senator Abid Sher Ali, the government does not wish to play politics with the PTI’s health, and the party’s contempt of court petition is inexplicable.

Senator Abid Sher Ali stated, “I pray that Allah Almighty gives health to the PTI’s founder,” during the Dunya News program “BAAT NIKLAY GI.” Opposition and politics have their place, but it comes down to humanity.

Security concerns outside the hospital were compromised, according to Abid Sher Ali, who also stated that it was challenging to control the employees and that no one should protest to the government’s efforts to do so.

The PM and the government cannot be added as parties to the PTI’s contempt of court petition, according to Abid Sher Ali. The management of the jail must abide by its own policies.

The Tehreek-e-Insaf (PTI) has petitioned the Supreme Court for contempt of court over Imran Khan’s hospital transfer.

The PTI submitted a petition to start contempt of court proceedings for breaking the August 18, 2026, decision from the Supreme Court.