FIA Virtual Currency Investigation Cell
Pakistan’s Federal Investigation Agency (FIA) has formally established a new dedicated wing — the Virtual Currency Investigation Cell (VCIC) — tasked with tackling the growing misuse of cryptocurrency and blockchain-based platforms. The cell has been created to curb terrorist financing, money laundering, and other financial crimes linked to digital assets.
Per an official notification issued with the approval of the FIA’s Director General, the initiative forms part of a broader push to reinforce the country’s financial security framework. It aligns directly with Pakistan’s commitments under the National Action Plan (NAP) and follows recommendations set out by the Financial Action Task Force (FATF).
What the VCIC Will Investigate
The newly formed unit has been given a clear mandate covering several categories of crypto-linked offences:
- Laundering of money through digital assets
- Financing of terrorism via virtual currencies
- Cyber-related crimes tied to cryptocurrency
- Fraudulent activity involving virtual assets
- Unregistered or unlawful trading of cryptocurrency
FIA officials noted that the cell’s responsibilities go beyond investigation alone — it will also carry out forensic examinations of questionable crypto transactions, blockchain activity, and digital wallets, including cold (offline) wallets that are harder to trace.
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A Central Command Hub for Coordination
To streamline intelligence-sharing and investigative coordination, the initiative also includes plans for a National Command and Control Center, which will act as the central point for tracking and responding to virtual-currency-related crime across the country.
Joint Action With Other Agencies
The FIA has confirmed it will not operate in isolation. The Virtual Currency Investigation Cell is expected to coordinate closely with:
- National Accountability Bureau (NAB)
- Federal Board of Revenue (FBR)
- National Counter Terrorism Authority (NACTA)
- Provincial police departments
- Other relevant federal and provincial bodies
To strengthen its investigative capacity, the agency plans to deploy modern forensic technology, blockchain-tracing analytics, and internationally recognized methods to identify and dismantle networks exploiting virtual currencies for illicit purposes.
New Regulatory Body on the Way
Alongside enforcement measures, regulation of the sector is also taking shape. The recently established Pakistan Virtual Assets Regulatory Authority (PVARA) has been tasked with overseeing and governing the country’s virtual assets market.
Under the proposed regulatory setup, only crypto service providers holding valid licenses will be permitted access to Pakistan’s banking system. Individuals or entities found engaging in unlicensed or undocumented crypto trading will face legal consequences.
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Conclusion
With the launch of the VCIC and the upcoming PVARA regulatory framework, Pakistan is taking concrete steps to bring greater oversight and transparency to its virtual assets space — while closing off avenues that could otherwise be exploited for money laundering or terrorist financing.