PVARA opens applications

KARACHI: The Pakis­tan Virtual Assets Regulatory Authority (PVARA) has published sandbox guidelines and opened applications for the first phase of issuance of asset-referenced tokens.

An asset-referenced token is a type of stablecoin, defined in the recently passed Virtual Assets Act, 2026 as a virtual asset “that represents, directly or indirectly, ownership rights, claims, or economic interests, including entitlements to receive or share income, returns, or other economic benefits, in respect of one or more underlying assets, or is designed to maintain a stable value by reference to such underlying assets.”

Such tokens are required to be “fully backed by the underlying assets and may reference tangible or intangible assets, including but not limited to commodities, real estate, real-world assets, securities, financial assets, or a combination of official currencies, but shall........

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