PTBP Web Desk
Pakistan’s push toward a modern digital economy entered a new phase on Thursday when Federal Minister for Finance and Revenue Muhammad Aurangzeb visited the Pakistan Virtual Asset Regulatory Authority (PVARA). The visit marked his first official engagement with the newly established Authority and highlighted the government’s growing focus on building a secure and transparent regulatory framework for virtual assets, a sector increasingly influencing global financial systems.
During the visit, Aurangzeb received a detailed briefing from PVARA’s senior leadership. The briefing covered the Authority’s mandate, its phased regulatory approach, ongoing consultations with global and domestic stakeholders, and the development of a governance structure aimed at ensuring responsible oversight of the virtual assets ecosystem in Pakistan.
The Finance Minister stressed that strengthening Pakistan’s regulatory institutions is essential for fostering investor confidence, improving economic stability, and aligning the country with global digital-economy trends. He highlighted that countries around the world are rapidly adjusting to shifts in the cryptocurrency, blockchain, and fintech sectors, and Pakistan must ensure it is not left behind.
He noted that clear virtual-asset governance will not only reassure investors but also protect consumers and ensure that the financial ecosystem remains safeguarded from risks related to money laundering, illicit transactions, and unregulated digital trade.
According to officials, PVARA is developing a regulatory framework with a “phased approach,” designed to protect financial stability while allowing Pakistan’s tech sector to grow responsibly. The Authority aims to introduce rules that balance innovation with oversight, ensuring that digital assets are governed under transparent guidelines aligned with international best practices.
PVARA briefed the Minister on progress related to:
- Drafting of regulatory guidelines for licensing and supervision
- Establishing compliance requirements for service providers
- Ensuring alignment with the Financial Action Task Force (FATF) directions
- Introducing safeguards to prevent financial fraud and emerging cyber risks
- Coordinating with international regulatory bodies working on digital-asset laws
The Authority emphasised that its work is grounded in national priorities, consumer protection, and financial stability—key pillars necessary for a trusted digital-asset ecosystem.
Officials informed the Finance Minister that extensive consultations have already been conducted with:
- Overseas experts working on digital-asset regulation
- Domestic financial institutions
- Technology companies
- Cybersecurity specialists
- International organizations shaping the digital-economy landscape
These consultations aim to ensure that Pakistan’s approach remains relevant, competitive, and compliant with both national laws and international expectations.
Aurangzeb commended the PVARA team for advancing the regulatory agenda since the Authority’s establishment. He noted that regulatory clarity is vital for encouraging foreign investment in Pakistan’s emerging digital-assets market and for preventing market misuse.
He also instructed his office to promptly resolve any administrative hurdles or procedural issues faced by PVARA. The goal, he said, is to ensure that the Authority can function smoothly without unnecessary delays.
He reiterated that Pakistan’s digital-assets regulation must remain transparent, secure, and fully compliant with global norms—a requirement that will ultimately protect the country’s financial interests.
One of the most significant developments highlighted during the briefing was the international recognition recently achieved by PVARA. Its Chairman, Bilal bin Saqib, has joined the World Economic Forum’s Steering Committee on Digital Asset Regulations. This membership represents a major milestone for Pakistan’s presence in the global digital-asset community.
According to experts, this development elevates Pakistan’s role in shaping international discussions on digital-asset governance and opens the door to stronger collaboration with regulatory bodies across the world. It also enhances Pakistan’s reputation as a country taking meaningful steps to modernize its financial-regulatory landscape.
Speaking during the briefing, Chairman Bilal bin Saqib reaffirmed that PVARA’s work is guided by a strong national-interest focus. He said:
“This is an important national mandate, and we are building it from the ground up with a Pakistan-first approach. The Authority is fully committed to responsible innovation, strong safeguards, and regulatory clarity.”
He added that the Minister’s guidance will accelerate PVARA’s progress, enabling Pakistan to position itself responsibly in the rapidly evolving global digital economy.
The meeting concluded with a reaffirmation of the government’s support for strengthening digital-asset governance in Pakistan. Both the Finance Ministry and PVARA signaled that the country’s digital-assets roadmap will be rooted in transparency, legal compliance, and strong institutional foundations.
With Pakistan increasingly integrating into global digital-finance discussions, the development of a clear virtual-assets regulatory framework is expected to bring long-term benefits—ranging from improved investor confidence to enhanced protection against financial crime.
