TASHKENT: Pakistan has shifted from banning virtual assets toward a framework of regulated oversight, Pakistan Virtual Assets Regulatory Authority Chairman Bilal bin Saqib said.
Speaking at the Silk Road Finance and Technology Forum, bin Saqib said governments need to develop regulatory and institutional capacity that can keep pace with rapidly evolving technology.
He said Pakistan has significant opportunities to develop its digital financial infrastructure and that an effective regulatory framework for virtual assets could create new investment opportunities.
Bin Saqib said restrictions introduced in 2018 did not eliminate virtual asset activity in Pakistan. Instead, he said, such activity moved to offshore platforms and peer-to-peer channels, highlighting the need for regulation and oversight.
Under the Virtual Assets Act 2026, PVARA was established as Pakistan’s regulatory body for the sector. Bin Saqib said State Bank Circular 10 allows licensed virtual asset service providers to maintain bank accounts.
He added that PVARA has implemented licensing regulations for virtual asset service providers and activated a licensing portal.
Pakistan is also exploring tokenization to modernize access to sovereign debt, with an initial focus on tokenizing government securities, bin Saqib said.