PVARA Chairman Bilal Bin Saqib says Pakistan established a live digital asset licensing framework in under six months while using less than 8% of its approved budget.
Pakistan’s rapid development of a formal virtual assets regulatory framework has attracted international attention following remarks by Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib at Bitcoin Asia in Hong Kong.
Speaking at the international cryptocurrency and blockchain forum on August 28, 2026, Bilal Bin Saqib revealed that Pakistan established its virtual assets regulatory regime in less than six months while using less than 8% of its approved budget.
According to the PVARA chairman, nearly 92% of the allocated budget was returned to the national exchequer, highlighting what he described as a delivery-focused approach to government.
Virtual Assets Framework Established in Six Months
Pakistan moved from primary legislation to notified regulations and an operational licensing system within a period of less than six months. The framework provides a formal regulatory pathway for companies involved in the country’s rapidly developing digital asset sector.
The regime covers a broad range of virtual asset activities, including cryptocurrency exchanges, custody services, brokerage, asset management, lending and settlement.
It also introduces regulatory requirements concerning corporate governance, anti-money laundering and counter-terrorism financing, protection of customer assets, cybersecurity and market conduct.
Technology at Centre of Regulatory Model
Bilal Bin Saqib presented the initiative as an example of technology-driven and execution-focused governance. Rather than relying on a large administrative structure, the regulatory effort used smaller teams supported by technology-based workflows.
He emphasised that governments need to adapt to the speed of technological change while maintaining accountability, proper regulatory structures and consumer protection.
The PVARA chairman also cautioned that rapid execution without appropriate safeguards could create risks, while excessive bureaucracy could make regulation ineffective in fast-changing technology sectors.
Pakistan Eyes Future of Digital Finance
Pakistan’s regulatory ambitions extend beyond existing virtual asset businesses, with authorities increasingly focusing on emerging areas such as tokenised markets, programmable payments, stablecoins, machine-to-machine commerce and artificial intelligence-driven financial systems.
The remarks signal Pakistan’s intention to participate more actively in shaping global financial technology regulation rather than simply adopting frameworks developed elsewhere.
With a population exceeding 240 million, Pakistan offers a substantial potential market for emerging financial technologies and digital financial services.