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Pakistan has officially entered the global conversation on cryptocurrency governance. Bilal Bin Saqib, Chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA), has joined the World Economic Forum’s (WEF) Steering Committee on Digital Asset Regulations. The Ministry of Finance confirmed this development on Thursday, 20th November.
This appointment places Pakistan at the table for high-level international policy discussions. Moreover, it signals the country’s shift from a legal grey zone toward a structured, regulated digital economy.
Global Recognition & Local Action
The Finance Ministry views this inclusion as a boost for Pakistan’s global positioning. As major economies formalise rules for tokenised assets, Pakistan is now part of the rule-making process.
The ministry stated:
This participation strengthens Pakistan’s presence in international policy discussions.
It also highlights the growing recognition of the country’s role in digital asset governance.
Locally, the government is accelerating its efforts to establish a regulatory framework. Finance Minister Muhammad Aurangzeb visited the PVARA headquarters in Islamabad yesterday, November 20. During the visit, he received a briefing on phased regulatory guidelines. Currently, the authority is consulting with domestic and international stakeholders.
According to officials, the upcoming framework focuses on three key areas:
- Transparency
- Consumer protection
- Alignment with global best practices
A Year of Rapid Development
2025 has been a pivotal year for Pakistan’s digital landscape. The government has taken multiple steps to formalise the sector.
In March 2025, the Federal Finance Ministry established the Pakistan Crypto Council (PCC). This body sets policy to promote blockchain adoption. Subsequently, in July, the government formalised PVARA through the Virtual Assets Ordinance. This allows the authority to license and regulate virtual-asset service providers.
Innovation has also taken centre stage. In May, Saqib unveiled the country’s first government-led strategic bitcoin reserve at Bitcoin Vegas 2025.
Regarding the new regulations, Saqib said:
This is an important national mandate, and we are building it from the ground up with a Pakistan-first approach.
He emphasised that the authority is committed to responsible innovation and strong safeguards.
Finance Ministry Ending the Legal Grey Zone
Previously, Pakistan’s crypto space operated without clear rules. The State Bank of Pakistan had declared cryptocurrency transactions illegal. However, millions of citizens, including freelancers, continued to use trading platforms and peer-to-peer exchanges.
Now, Islamabad is moving decisively toward regulation. The creation of the PCC and PVARA balances the need for innovation with financial stability. The new framework aims to protect consumers while addressing concerns regarding money laundering.
With the Finance Minister’s support, PVARA plans to position Pakistan responsibly in the evolving global digital economy.
