Binance delegation meets PM Shehbaz, Field Marshal Asim Munir

Pakistan government signaled on Saturday strong commitment to Digital Asset Regulation in a meeting held with a delegation of cryptocurrency exchange Binance.

Senior leadership from Binance, including Global CEO Richard Teng, visited Islamabad for high level engagements with the country’s top leadership.

The meeting was attended by Prime Minister Shehbaz Sharif and Chief of Army Staff (COAS) and Chief of Defence Forces (CDF) Field Marshal Syed Asim Munir attended the meeting.

Bilal bin Saqib, Chairman Pakistan Virtual Assets Regulatory Authority (PVARA,) also attended the meeting and gave a briefing on his organisation, as per a statement from the Prime Minister’s House (PMO).

The development came a day after a high-level consultative meeting was convened at the Finance Division, co-chaired by Finance Minister Muhammad Aurangzeb and Chairman of PVARA Bilal Bin Saqib, to discuss and advance work on Pakistan’s National Digital Asset Framework.

Field Marshal Asim Munir meets Pakistan Crypto Council CEO Bilal Bin Saqib

Governor State Bank of Pakistan (SBP) along with presidents and executives of Pakistan’s leading commercial banks and senior leadership from Binance, including Global CEO Richard Teng, participated in the discussion.

“The session reviewed Pakistan’s next steps toward building a secure, well-regulated, and innovation-driven digital asset ecosystem, with a particular emphasis on responsible operationalisation of on- and off-ramp infrastructure, enhanced compliance standards, improved market transparency, and stronger integration of regulated financial institutions,” the Finance Division said in a statement on Friday.

During the meeting, Senator Aurangzeb acknowledged that Pakistan digital asset adoption reflected an “irreversible global trend and underscored the economic opportunity to bring citizen-held virtual assets within formal monitoring structures”.

“Such integration would strengthen financial visibility, support creditworthiness assessments, and enhance national asset reporting without conferring legal tender status on digital assets,” the Finance Division said.

The meeting also reviewed the development of a structured licensing regime for Virtual Asset Service Providers to enhance transparency, meet global AML/CFT standards, attract institutional participation, and protect Pakistani users from the risks associated with unregulated offshore platforms.

However, Bilal bin Saqib has resigned from his post as Special Assistant to the Prime Minister on Blockchain and Cryptocurrency, it emerged last week.

Saqib, who was appointed Minister of State on May 26, 2025, stepped down after just a few months in office, according to reports.

Despite stepping down from his government role, reports indicated that Saqib will continue to serve as Chairman of the Pakistan Virtual Assets Regulatory Authority, the autonomous body tasked with overseeing the country’s virtual assets sector.