After a brief crypto upswing earlier this year, Pakistan has found itself reassessing its digital asset ambitions as questions emerge over leadership roles, regulatory clarity and the true structure of its crypto governance framework.
The momentum that began with the formation of a National Crypto Council and the appointment of Bilal Bin Saqib has now slowed amid shifting titles and unclear institutional mandates.
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Mr Saqib’s position evolved rapidly — from advisor to the finance minister, to CEO of the Pakistan Crypto Council (PCC), to Special Assistant to the Prime Minister on Blockchain and Crypto, and finally to Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA). His recent resignation as SAPM has renewed debate about the existence of a coherent crypto ministry, especially as the PCC’s internal working and formal status remain uncertain.
Despite ambiguity, the PCC continues its digital footprint as Mr Saqib attends international blockchain events, including Binance Blockchain Week. Insiders suggest that without official notifications to the contrary, the council continues to exist, with the finance minister nominally serving as chairman.
The PCC had been tasked with creating licensing frameworks, developing crypto mining strategies, and ensuring compliance with global AML and CFT standards. Its work contributed to the creation of Ordinance No. VII of 2025, which formally established PVARA as the national regulator for virtual assets.
Since its inception, PVARA has launched a Crypto Grievance Cell and released AML regulations in partnership with the National Cyber Crime Investigation Agency. The authority is also preparing for the State Bank’s digital currency pilot and assessing prospects of a Pakistan-backed stablecoin.
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Industry experts argue that stablecoin issuance must prioritise monetary sovereignty, recommending a two-tier model with SBP controlling issuance while private firms handle distribution. Private-sector interest is rising, with Stacks Asia Foundation preparing Pakistan’s first internal cross-border crypto payment demo, promising transfers in under a minute at minimal cost.
Analysts caution, however, that digital asset innovation must not compromise economic discipline. They stress that while crypto can support remittances and efficiency, Pakistan’s long-term focus should remain on export growth and regulated financial innovation.