Govt proposes Virtual Assets Bill 2025 with jail terms, heavy fines
Business
In short, the government wants to tighten the screws on illegal services while giving licensed playe
ISLAMABAD (Mudassar Ali Rana) – The federal government has drafted the Virtual Assets Bill 2025, which aims to regulate virtual asset services across the country.
Under the proposed law, even ordinary citizens will be allowed to provide virtual asset services – but only after getting a license.
According to the draft, registration under the SECP Companies Act and an NOC will be mandatory. Applicants will need to submit a non-refundable fee along with details of company ownership, board members, a business plan, a risk management framework, compliance procedures, and cyber security protocols.
The bill makes it clear that licenses will be canceled if fraud is committed or false information is provided. In case of cyberattacks, market threats, or other risks, the authority will have the power to suspend services.
Those caught offering services without a license could face up to seven years in jail and fines of up to Rs50 million. Misrepresentation or false statements could land offenders in prison for three years, along with fines of up to Rs20 million.
The law also proposes setting up a Virtual Assets Regulatory Authority to oversee the sector. Appeals against decisions of the Virtual Assets Appellate Tribunal may be filed in the Supreme Court within 60 days.
In short, the government wants to tighten the screws on illegal services while giving licensed players room to grow.
