Pakistan strengthening institutional coordination to develop regulatory structure for crypto currency
Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority
(PVARA), recently visited the State
Bank of Pakistan (SBP) in Karachi, where he met with SBP Governor Jameel
Ahmad to discuss the evolving regulatory framework for cryptocurrency in
Pakistan. The focus of the meeting was on enhancing inter-institutional
coordination to effectively implement the country's crypto regulations.
Senior officials from the State Bank of Pakistan
also participated in the discussions.
The conversation centered around developing a robust regulatory structure for virtual assets, addressing key issues like capital outflows, foreign exchange concerns, and maintaining financial stability. They also explored the role of banks in establishing formal and transparent on- and off-ramp systems, while considering ways to gradually transition unregulated peer-to-peer crypto transactions into supervised channels.
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The meeting also covered initiatives related to Central Bank Digital Currency (CBDC), with both sides agreeing that effective regulation of crypto assets in Pakistan requires ongoing collaboration between PVARA and the SBP.
Commenting on the discussions, Chairman Bilal
Bin Saqib stated:
“Pakistan already has a large and active
digital asset market. Our goal is to bring this activity under a supervised,
FATF-compliant framework that ensures consumer protection and financial
stability. This can only be achieved through close cooperation with the State
Bank to make sure that innovation goes hand in hand with monetary and financial
integrity."
With Pakistan ranked third globally in terms
of crypto adoption, having an estimated 30 to 40 million users, the country’s
annual digital asset transactions are valued in the hundreds of billions of
dollars. PVARA’s role is to integrate this substantial market into a
transparent and internationally compliant framework that protects users,
bolsters financial integrity, and fosters sustainable growth.
Since its first Board meeting in August, PVARA has made significant progress, moving from policy development to implementation. The Authority has already issued No Objection Certificates (NOCs) to major global virtual asset platforms like Binance and HTX, allowing them controlled entry into Pakistan's regulatory framework. These NOCs, however, are not full operating licenses.
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The path toward full licensing remains ongoing, with a focus on comprehensive compliance, governance, and system readiness, reflecting PVARA’s commitment to responsible, timely regulation.
The meeting highlighted the mutual commitment of PVARA and the SBP to build a secure and credible digital asset ecosystem that promotes economic growth, attracts responsible investment, and strengthens Pakistan’s position in the global digital economy.
Source: Pro Pakistani