ISLAMABAD, July 30, 2025 – The federal government has intensified efforts to build a regulatory environment for cryptocurrency and virtual assets, holding a high-level consultation in Islamabad with key stakeholders from banks, exchange companies, and the gems and jewellery sector.
Reportedly, the meeting, held a day earlier and chaired by State Bank of Pakistan (SBP) Governor Jameel Ahmed, aimed to align Pakistan’s financial system with global trends in crypto adoption. Notably, Bilal bin Saqib, Special Assistant to the Prime Minister (SAPM) on Blockchain and Cryptocurrency and CEO of the Pakistan Crypto Council (PCC), delivered a comprehensive presentation on the progress and future direction of digital assets in the country.
Representatives from banks, exchange companies, and the jewellery industry were briefed on the newly enacted Virtual Assets Act, 2025, which has laid the foundation for Pakistan’s crypto economy. The Act, formally approved on July 9, establishes the Pakistan Virtual Asset Regulatory Authority (PVARA)—a federal body empowered to license, regulate, and supervise crypto-related entities while ensuring compliance with global standards, including those of the Financial Action Task Force (FATF).
According to officials in Islamabad, the purpose of the engagement is to facilitate a smooth and inclusive transition toward a regulated crypto ecosystem. Bilal bin Saqib emphasized that a significant number of Pakistanis are already participating in digital currency markets and urged stakeholders to embrace this change. He called on banks and exchange companies to collaborate in building a secure and transparent framework that would modernize the country’s financial infrastructure.
Industry sources confirmed that banks and exchange firms will soon be eligible to apply for licenses under the new regime, enabling them to legally operate in Pakistan’s growing crypto sector.
Furthermore, the SBP Governor reiterated that the central bank, like others globally, is actively exploring digital currencies. He disclosed that the SBP is preparing to launch a pilot crypto project and finalize relevant legislation in the coming months.