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Pakistan invites global crypto firms to seek virtual asset service licenses

Pakistan invites global crypto firms to seek virtual asset service licenses
Finance Minister Muhammad Aurangzeb (third left) chairs the inaugural board meeting of the Pakistan Virtual Assets Regulatory Authority (PVARA) in Islamabad, Pakistan, on August 26, 2025. (PID/File)
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Updated 29 min 25 sec ago

Pakistan invites global crypto firms to seek virtual asset service licenses

Pakistan invites global crypto firms to seek virtual asset service licenses
  • Country says its digital market serves over 40 million users with $300 billion in annual trading
  • Government calls licensing a key move to align Pakistan’s crypto sector with global financial rules

KARACHI: Pakistan on Saturday invited international crypto exchanges and other virtual asset service providers (VASPs) to apply for licenses to operate in the country, in a move aimed at formalizing and regulating a fast-growing digital market that authorities say serves over 40 million users with about $300 billion in annual trading volume.

The call for expressions of interest (EoI) comes from the newly created Pakistan Virtual Asset Regulatory Authority (PVARA), set up under the Virtual Assets Ordinance 2025. The agency said the initiative will bring Pakistan’s virtual asset sector in line with global standards on anti-money laundering and counter-terrorism financing and provide a secure framework for fintech innovation.

“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” said Bilal bin Saqib, PVARA chairman and minister of state for crypto and blockchain.

According to a statement issued by his office, applicants must already be licensed in at least one major jurisdiction and show strong compliance with anti-money laundering, counter-terrorism financing and know-your-customer rules.

Required submissions include company profiles, licensing details, operational overviews, compliance histories and proposed business models for Pakistan.

The authority, governed by a board that includes the heads of the State Bank of Pakistan, the Securities and Exchange Commission and the Federal Board of Revenue, will oversee licensing and supervision, and offer regulatory sandboxes to encourage Shariah-compliant innovation.

PVARA said applications will be accepted on a rolling basis via email.

Pakistan views the measure as a “pivotal step” toward integrating its digital-asset economy with global financial norms while protecting consumers and combating illicit finance, the statement added.


Pakistan’s deputy PM, Rubio discuss global developments, strengthening bilateral ties

Pakistan’s deputy PM, Rubio discuss global developments, strengthening bilateral ties
Updated 50 sec ago

Pakistan’s deputy PM, Rubio discuss global developments, strengthening bilateral ties

Pakistan’s deputy PM, Rubio discuss global developments, strengthening bilateral ties
  • Washington’s ties with Islamabad have improved since May, when Trump brokered ceasefire between India and Pakistan
  • Pakistan, US have enjoyed closer cooperation in critical minerals, trade, cryptocurrency and other areas in recent months

ISLAMABAD: US Secretary of State Marco Rubio and Deputy Prime Minister Ishaq Dar discussed global developments and strengthening bilateral ties between the two nations this week, Pakistan’s foreign office said, as both countries eye closer relations and economic cooperation. 

Washington’s ties with Islamabad have improved in recent months after US President Donald Trump took credit for a ceasefire between India and Pakistan in May. Pakistan praised Trump while India maintained that New Delhi and Islamabad should resolve their issues directly without outside involvement.

Pakistan and the US have also eyed closer economic cooperation, with both countries finalizing a trade deal in July while Washington slapped additional tariffs on India. Islamabad and Washington have also eyed enhanced cooperation in digital currency, critical minerals, real estate and other sectors of the economy. 

Dar, who also serves as Pakistan’s foreign minister, received a telephone call from Rubio on Saturday night, the Pakistani foreign office ministry spokesperson said in a statement. 

“The two leaders expressed satisfaction over the positive trajectory of Pakistan-US ties and discussed recent regional & international developments,” the spokesperson said on Saturday. 

“They reaffirmed their commitment to further strengthening bilateral relations across multifaceted areas of cooperation.”

Islamabad’s increasing engagement with Washington is being seen by analysts as a sign of a diplomatic reset after years of estrangement between the two countries. High-level bilateral exchanges between Pakistan and the US gradually faded as American forces withdrew from Afghanistan.

Pakistan considers the US an important trade partner and its top export destination. Pakistan’s exports to the US totaled $5.44 billion in fiscal year 2023-2024, according to official data. From July 2024 to February 2025, exports rose 10 percent from a year earlier.

Islamabad’s desire for greater economic cooperation with the US takes place as Pakistan seeks to forge closer trade and connectivity with other countries to escape a prolonged economic crisis that brought it to the brink of a sovereign default in June 2023. 


Pakistan PM to attend Arab-Islamic summit in Doha after Israeli airstrikes on Qatar

Pakistan PM to attend Arab-Islamic summit in Doha after Israeli airstrikes on Qatar
Updated 13 September 2025

Pakistan PM to attend Arab-Islamic summit in Doha after Israeli airstrikes on Qatar

Pakistan PM to attend Arab-Islamic summit in Doha after Israeli airstrikes on Qatar
  • Israel attempted to kill Hamas negotiators discussing a US-backed Gaza ceasefire proposal
  • Summit preparatory meeting to be attended by Deputy Prime Minister Ishaq Dar on Sunday

ISLAMABAD: Prime Minister Shehbaz Sharif will participate in an emergency Arab-Islamic summit in Doha on Monday in the wake of Israeli airstrikes in Qatar that killed at least six people earlier this week, the foreign office announced on Saturday.

Israel attempted to target a group of Hamas leaders discussing a Gaza ceasefire proposal floated by the United States by hitting a residential neighborhood in Doha on Tuesday. Qatar has been a key mediator in ceasefire and hostage negotiations between Israel and Hamas, hosting the Palestinian group’s political bureau as part of the process.

Pakistan reacted sharply to the strike, calling it a violation of Qatar’s sovereignty and territorial integrity. Sharif traveled to Doha on Sept. 11 to express solidarity with Qatar’s leadership, while Pakistan’s UN mission requested an emergency Security Council meeting and urged the international community to hold Israel accountable.

“Prime Minister Muhammad Shehbaz Sharif will visit State of Qatar to participate in the Emergency Arab-Islamic Summit being held in Doha on 15 September 2025,” the foreign office said.

“The Summit, co-sponsored by Pakistan, has been convened in the wake of Israel’s airstrikes on Doha and the escalating developments in Palestine — following Israeli attempts to occupy Gaza, expand settlement activities in the occupied West Bank and forcibly displace the Palestinians,” it added.

The summit will be preceded by a preparatory meeting of foreign ministers on Sunday, which Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar will attend.

According to the statement, leaders and senior officials from Organization of Islamic Cooperation member states are also expected at the gathering.

Pakistan’s foreign office said the country “accords high importance to its relations with State of Qatar” and has “strongly condemned Israeli aggression against Qatar and other regional states.”

It added that Sharif’s visit underlines Pakistan’s “unwavering support for the security and sovereignty of Qatar and its commitment to peace and stability in the Middle East.”

Pakistan has also repeatedly condemned Israel’s offensive in Gaza, which has killed nearly 65,000 people, mostly women and children, since October 2023, and called for an immediate ceasefire and war-crimes accountability.


IMF says assessing Pakistan flood damages, next review mission to discuss policy response

IMF says assessing Pakistan flood damages, next review mission to discuss policy response
Updated 13 September 2025

IMF says assessing Pakistan flood damages, next review mission to discuss policy response

IMF says assessing Pakistan flood damages, next review mission to discuss policy response
  • IMF resident rep says lender will check if Pakistan's budget, emergency plans can meet flood needs
  • Prime Minister Sharif halts August power bills in flood-hit areas, promises more relief after IMF talks

KARACHI: The top International Monetary Fund (IMF) official in Pakistan said on Saturday his organization is assessing flood damage and will use its next review mission to evaluate appropriate policy responses to support affected people and strengthen national resilience.

The flooding during the monsoon season that began in late June has killed 972 people across Pakistan, according to the National Disaster Management Authority. The northwestern province of Khyber Pakhtunkhwa has been the hardest hit, with 504 fatalities, many from severe cloudbursts in mid-August.

Meanwhile, in eastern Punjab, swollen rivers including the Ravi, Chenab and Sutlej overflowed after unprecedented rains upstream in India, submerging settlements, destroying crops and leading to more than 100 deaths.

Over 2.5 million people have been rescued, and about 4,700 settlements inundated. The government has signaled relief initiatives for victims but must discuss them with the IMF due to its $7 billion Extended Fund Facility (EFF) agreement secured last year.

“We extend our heartfelt condolences to the people of Pakistan as they endure the devastating floods," said Mahir Binici, Resident Representative of the IMF in Pakistan. "We are deeply saddened by the tragic loss of life.”

“An assessment of the flood damage caused by torrential monsoon rains is still ongoing, as the situation continues to evolve,” he continued. “The upcoming EFF review mission provides an opportunity to discuss the appropriate policy response to support flood-affected populations and protect the most vulnerable."

Binici also noted that both the EFF and the IMF’s Resilience and Sustainability Facility (RSF) provide frameworks crucial for external and financial stability amid these natural calamities.

The RSF, approved in May, offers Pakistan around $1.4 billion to help build economic resilience against climate vulnerabilities and disasters, though its disbursement depends on successful reviews under the EFF.

The IMF official noted that the mission will assess whether the budget approved by Pakistan in June, along with its spending allocations and emergency provisions, remain sufficiently agile to address the spending needs necessitated by the floods.

RELIEF FOR FLOOD-HIT FAMILIES

Separately, Prime Minister Shehbaz Sharif announced immediate relief for households in flood-hit districts, ordering power distribution companies to suspend collection of August electricity bills and adjust any payments already received in the next billing cycle.

Chairing a special meeting in Islamabad earlier in the day, Sharif said the measure was aimed at giving families breathing space as they recover from weeks of torrential rains and flash floods.

“We are making every possible effort in this difficult time to ease people’s suffering,” he said, according to a statement circulated by his office.

The prime minister added a comprehensive electricity-bill relief package for the affected areas would be finalized after consultations with the IMF, underscoring the need to align emergency spending with Pakistan’s ongoing bailout program.

Sharif also said that federal and provincial agencies are working on rescue, relief and rehabilitation.

“We will not rest until every flood victim returns home,” he added.


PM Sharif tells Afghanistan to choose Islamabad or Taliban militants as 19 soldiers killed in northwest

PM Sharif tells Afghanistan to choose Islamabad or Taliban militants as 19 soldiers killed in northwest
Updated 13 September 2025

PM Sharif tells Afghanistan to choose Islamabad or Taliban militants as 19 soldiers killed in northwest

PM Sharif tells Afghanistan to choose Islamabad or Taliban militants as 19 soldiers killed in northwest
  • Shehbaz Sharif says Pakistan will eradicate militant violence with or without Afghanistan’s cooperation
  • He says a federal cabinet meeting will soon be convened to discuss the problem of militant violence

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday asked Afghanistan’s administration to choose between his country and the outlawed Tehreek-e-Taliban Pakistan (TTP) during a visit to the northwestern Bannu city as 19 soldiers and 45 militants were killed in separate clashes in Khyber Pakhtunkhwa (KP) this week.

Relations between the two neighboring countries began to fray after a wave of deadly suicide bombings in Pakistan two years ago that Islamabad blamed on TTP fighters it said were based across the border.

Pakistani officials accused the administration in Kabul of facilitating cross-border attacks, a charge Afghan authorities rejected, saying Pakistan’s security troubles were domestic.

As violence mounted, Pakistan started expelling undocumented foreigners, mostly Afghans, deepening the bilateral rift.

“Terrorists come from Afghanistan and, together with the TTP, these khawarij join forces to martyr our soldiers, our brothers and sisters and ordinary citizens,” Sharif said after visiting wounded troops at Bannu’s Combined Military Hospital.

The term “khwarij” is rooted in early Islamic history and refers to an extremist sect that declared other Muslims apostates.

“Today I want to send a clear message to Afghanistan,” he added. “Choose one of two paths. If they wish to establish relations with Pakistan with genuine goodwill, sincerity and honesty, we are ready for that. But if they choose to side with terrorists and support them, then we will have nothing to do with the Afghan interim government.”

Sharif said Pakistan would eliminate militant violence with the help of its security forces even without Afghan cooperation.

He earlier attended the funeral prayers of the soldiers, calling them “true heroes of the nation” and vowing their sacrifices would not go in vain.

The prime minister, accompanied by Chief of Army Staff Field Marshal Syed Asim Munir and Peshawar Corps Commander, received a detailed security briefing on militant violence in the area, according to the state-run Associated Press of Pakistan (APP).

He told reporters that Pakistan desired peaceful relations with all its neighbors but would not allow hostile groups to sabotage peace.

Sharif also announced he would soon convene a federal cabinet meeting to discuss measures against militancy, reiterating that “the enemies of Pakistan cannot impose their destructive ideology on our nation.”

19 SOLDIERS, 45 MILITANTS KILLED

Sharif’s visit to Bannu came as the Pakistan military announced earlier in the day that 19 soldiers and 45 militants had been killed in separate clashes this week near the country’s border with Afghanistan in KP.

In one of the incidents, Pakistani security forces raided a TTP hideout in KP’s Bajaur district where 22 militants were killed in an exchange of fire, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing.

Another 13 militants were killed in an encounter in the South Waziristan district, with the military saying the deceased militants belonged to the Pakistani Taliban.

“However, during the intense fire exchange, twelve brave sons of the soil, having fought gallantly, paid the ultimate sacrifice and embraced Shahadat (martyrdom),” the ISPR said in a statement.

In another statement released later in the day, the military mentioned yet another incident in Lower Dir District where an intelligence-based operation on Sept. 11 led to the killing of 10 more militants.

The shootout also led to the death of seven more soldiers, bringing the overall number of security forces casualties to 19.

The death toll underscores the struggles Pakistan faces as it tries to contain surging militancy in KP, which borders Afghanistan, since a fragile truce between the Pakistani Taliban and the state broke down in November 2022.

The Pakistani Taliban and other militant groups have frequently targeted security forces convoys and checkpoints, as well as carried out targeted killings and kidnappings of law enforcers and government officials in recent months.

“Intelligence reports have unequivocally confirmed the physical involvement of Afghan nationals in these heinous acts,” the ISPR said, adding that Islamabad “expects the Interim Afghan Government to uphold its responsibilities and deny use of its soil for terrorist activities against Pakistan.”

There has been no immediate comment from Kabul in response to these statements emerging from Pakistan.


Pakistani journalist on trial rejects ‘baseless’ charges over tax authority corruption report

Pakistani journalist on trial rejects ‘baseless’ charges over tax authority corruption report
Updated 13 September 2025

Pakistani journalist on trial rejects ‘baseless’ charges over tax authority corruption report

Pakistani journalist on trial rejects ‘baseless’ charges over tax authority corruption report
  • Shahbaz Rana’s report on removal of 25 senior tax officials triggered complaint now before the court
  • Press unions decry the trial, saying the report was based on authentic official records and documents

KARACHI: A senior Pakistani journalist on Saturday dismissed as “baseless” charges filed against him in connection with a story on corruption in the Federal Board of Revenue (FBR), after being put on trial in an Islamabad court that has alarmed the media community.

Shahbaz Rana, who works with the English-language broadsheet The Express Tribune, faces a complaint filed by an FBR official who claimed his story was defamatory and scandalous. The article in question said Prime Minister Shehbaz Sharif had sacked 25 FBR officers, all in higher pay grades, based on reports by three intelligence agencies questioning their financial integrity and professional competence.

The complainant also nominated Sharif and other officials.

Speaking to Arab News, Rana said he was reporting on the issue on the basis of authentic official documents.

“This case against me is baseless,” he said over the phone. “First, my report regarding the 25 officers of the Federal Board of Revenue (FBR) was based not only on authentic documents and was true, but was also publicly acknowledged by Prime Minister Shehbaz Sharif himself, who referred to it twice in his speeches.”

“Furthermore, I did not name any of the 25 officials, including the complainant, in my report,” he added. “Moreover, although the complainant has made the prime minister a party to this case, the charge has been filed solely against me. This baseless case should not stand.”

Journalist bodies including the Pakistan Federal Union of Journalists (PFUJ), the Rawalpindi-Islamabad Union of Journalists, and the National Press Club have sharply criticized the legal proceedings.

In an emergency meeting held on Friday, they said they had reviewed the official records underlying the news report.

Participants said not only did these documentations exist, but there were also videos of the prime minister that confirmed the report’s accuracy.

The meeting expressed astonishment that in a petition which names the prime minister of Pakistan, the finance Secretary, the interior secretary, the establishment secretary, and the Islamabad inspector general of police as parties, no notice has been issued to any of these co-respondents, while an indictment has been filed solely against Rana.

They noted that Rana’s office was raided for his arrest and that a one-sided trial was now proceeding at great speed.

PFUJ President Afzal Butt termed the trial court’s actions a violation of fair-trial principles and called on the Islamabad High Court to take immediate notice so that justice could be ensured.

The participants of the meeting also noted that denying a well-known investigative journalist in Islamabad the right to a fair trial in this way casts doubt on the entire justice system, adding it has also caused deep concern throughout the journalistic community.