Pakistan's Federal Investigation Agency (FIA) has created a dedicated Cryptocurrency Investigation Unit within the National Command and Control Centre (NC3) to probe money laundering, terrorism financing, and related offenses involving virtual assets. The move comes as the Pakistan Virtual Assets Regulatory Authority (PVARA) closed a public consultation on its draft Virtual Asset Services Regulations, 2026, which outlines a 10-category licensing framework for VASPs. In a separate but related development, PVARA asked Jamia Darul Uloom Karachi, a leading seminary, to help differentiate purely speculative cryptocurrencies from asset-backed tokens — particularly stablecoins and real-world asset tokenization.
Inside the FIA's new crypto unit
The FIA isn't just setting up a desk. It's forming SWAT teams, expanding its vehicle fleet, creating a Director International Coordination role, and recruiting roughly 1,300 officials to strengthen enforcement operations. The unit sits within the NC3, the country's central command and control hub for national security. That placement signals the government's view of crypto crime as a serious threat — not just a financial nuisance.
The scale of the hiring is notable. Adding 1,300 people to a single enforcement unit is a big bet, especially for a country where law enforcement budgets are often tight. The FIA is clearly expecting a wave of cases, or at least wants to be ready for one.
PVARA's 10-category licensing plan
PVARA's draft regulations, which closed for public comment this month, lay out a licensing framework with ten distinct categories for Virtual Asset Service Providers. The regulator also proposed a no-objection-certificate-to-licence pathway, letting firms that already hold a no-objection certificate from the State Bank of Pakistan or the Securities and Exchange Commission of Pakistan transition into a full VASP license more smoothly.
The framework is broad. It covers exchanges, custodians, wallet providers, and other intermediaries. But the devil will be in the details — especially around capital requirements, consumer protection, and anti-money laundering rules. Those specifics haven't been published yet.
Why the regulator turned to a seminary
PVARA's request to Jamia Darul Uloom Karachi is unusual but pragmatic. The seminary is one of the most influential religious institutions in the country, and its views on what constitutes a permissible asset under Islamic finance carry weight. By asking it to help classify tokens — separating speculative coins from asset-backed ones like stablecoins or tokenized real-world assets — PVARA is trying to head off a religious legitimacy fight before it starts.
This isn't about theology for its own sake. In Pakistan, a fatwa against crypto could effectively kill the market. Getting the seminary on board early gives the regulator cover to approve certain tokens while banning others. The focus on stablecoins and RWA tokenization suggests PVARA sees those as the path to regulatory acceptance.
What comes next: The FIA expects to have the unit fully staffed by the end of the year. PVARA, meanwhile, is reviewing public comments and aims to publish final regulations before 2026 is out. The seminary's input will likely shape which tokens are allowed — and which aren't.
