‘Steps afoot for establishing regulatory framework for digital assets’

LAHORE: Pakistan is taking significant steps toward establishing a formal regulatory framework for digital assets, as blockchain-based technologies continue to gain rapid traction across the country.

Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib made the announcement at the Leadership Summit on Blockchain and Digital Assets, held at the Lahore University of Management Sciences (LUMS).

Addressing delegates at the summit, the minister revealed that an estimated 40 million Pakistanis are currently engaged in digital asset activity, the vast majority operating through informal and unregulated platforms. He said the government’s primary goal is to bring these users into a structured financial system while safeguarding consumers and fostering innovation.

Bilal Bin Saqib also highlighted the broader economic stakes pointing to Pakistan’s annual remittance inflows of approximately USD38 billion and arguing that blockchain technology could significantly streamline cross-border transactions. He added that regulatory clarity would strengthen the country’s growing freelance economy in global digital markets. The proposed framework is expected to include sandbox environments for testing emerging technologies, with asset-backed tokenisation identified as an early priority.

Copyright Business Recorder, 2026