The Senate Standing Committee on Finance and Revenue convened at the Parliament House on Wednesday under the leadership of Senator Saleem Mandviwalla to scrutinize the government’s “Virtual Assets Bill, 2025.” The bill, targeting the regulation of virtual assets in accordance with international norms, has prompted the committee to propose significant changes, highlighting pressing concerns over its current structure.

Officials presented the committee with insights into the proposed Virtual Assets Authority, emphasizing its pivotal role in tackling money laundering, terror financing, and other unlawful financial operations. In a significant move, the committee advised relocating the authority under the jurisdiction of the Finance Division instead of the Cabinet Division, aligning with the financial implications of its operations.

An additional recommendation from the committee was to impose an upper age limit of 55 years, combined with a requirement of five years’ experience in digital finance and technology, for appointing the head of the authority. Despite detailed discussions, the committee postponed further analysis of the bill to its subsequent meeting.

In a separate agenda, the committee evaluated the remuneration packages offered by the Securities and Exchange Commission of Pakistan (SECP), noting substantial increases. The committee decided to defer the matter, opting to gather feedback from the Federal Secretary for Finance and Revenue in the forthcoming session.

The meeting saw the participation of Senators Anusha Rahman Ahmad Khan, Dilawar Khan, Zeeshan Khanzada, Mohsin Aziz, Syed Faisal Ali Subzwari, Ahmed Khan, Shahzaib Durrani, as well as Secretary for Law and Justice Raja Naeem Akbar, State Bank of Pakistan Executive Director Dr. Inayat Hussain, Special Secretary Finance Nasheeta Mohsin, SECP Chairman Alif Saeed, among other high-ranking officials.