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Pakistan has accelerated efforts to build a regulated digital asset ecosystem as Binance CEO Richard Teng arrived in Islamabad for high-level talks. In a major consultative session at the Finance Division, the government, State Bank, top commercial banks, and Binance leadership discussed the roadmap for Pakistan’s National Digital Asset Framework signalling that the country is moving quickly toward clear rules and stronger oversight of virtual assets.
A high level meeting was held at the Finance Division, co-chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb and Chairman of PVARA Bilal Bin Saqib, and the Binance delegation led by Global CEO Richard Teng. They reviewed next steps in creating a Pakistan’s National Digital Asset Framework.
The Finance Minister emphasized that Pakistan is committed to a forward looking regulatory approach that embraces technology while protecting national economic interests. He stressed the importance of coordination between regulators, licensed global exchanges, and domestic banks to modernize the payments landscape and enhance financial transparency.
Binance CEO Meets Finance Minister & Joins Policy Session
Richard Teng, along with Binance’s senior leadership, briefed the government on global crypto trends and highlighted Pakistan’s rapid move towards digital asset adoption. They discussed how formalizing citizen held virtual assets could improve financial visibility, support credit assessments, and align Pakistan with international compliance standards without granting digital assets the status of legal tender.
Key Points Discussed in the Meeting
Participants explored transforming Pakistan’s digital payments ecosystem, noting that blockchain could significantly reduce transaction costs, especially within the country’s USD 38 billion annual remittance flows. The session also highlighted Pakistan’s opportunity to build a skilled workforce for blockchain and Web3, creating new employment avenues for youth.
The meeting touched on sovereign debt tokenization to increase liquidity and investor access, positioning Pakistan as a regional leader in compliant blockchain based financial instruments.
Officials discussed principles for a practical taxation and compliance structure:
- shifting oversight to licensed exchanges
- developing a gradual capital gains approach
- considering a time-bound amnesty for users to shift funds to regulated platforms
- building stronger verification and risk-management systems
They also reviewed the framework for licensing Virtual Asset Service Providers to improve transparency, meet global AML/CFT requirements, and protect Pakistani consumers from unregulated offshore risks.
Commercial bank presidents shared views on custody needs, compliance mechanisms, and risk controls under a future national regulatory structure. The Finance Minister noted that a clear regulatory environment would encourage users to shift toward licensed platforms and build investor confidence.
Chairman PVARA Bilal Bin Saqib briefly noted Pakistan’s opportunity to shape global digital asset standards and highlighted the importance of coordinated collaboration among regulators, banks, and exchanges.
