Minister of State and Chairman Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal bin Saqib has said that under the vision of Prime Minister Muhammad Shehbaz Sharif, concrete and result-oriented measures are being taken to develop Pakistan’s digital assets market as an important pillar of the national economy, while ensuring a regulated, transparent and investor-friendly ecosystem for sustainable growth. He expressed these views while addressing a leadership summit on “Blockchain and Digital Assets” held at the Lahore University of Management Sciences (LUMS), here on Saturday, where a large number of faculty members, teachers, students, industry experts and professionals were present.
He said Pakistan possesses vast untapped potential in digital technology which, if effectively utilized, can significantly contribute to economic stability and growth. He emphasized that in today’s rapidly evolving global economy, equipping the youth with advanced digital skills is not a choice but a necessity to remain competitive in international markets. He assured that investors in the digital and virtual assets sector will be provided every possible facilitation by the government.
Bilal bin Saqib said that blockchain technology has the potential to revolutionize not only the financial sector but also governance systems, supply chain management, transparency mechanisms and multiple other areas of the economy. He noted that digital assets have already become an important component of the future global economic structure, and Pakistan is moving towards aligning itself with this transformation through a clear regulatory and policy framework. He added that under the current government’s strategy, the digital assets market is being properly structured and regulated so that it becomes an integral and documented part of the national economy. He said efforts are underway to bring the digital assets sector out of the informal or grey economy and integrate it into the formal financial system. He added that the government is working on a comprehensive and effective policy framework in collaboration with educational institutions, industry stakeholders and subject experts to create an ecosystem that promotes innovation, research and technological development. Responding to questions during the session, the state minister clarified that virtual assets are not merely technological tools but represent a fundamental shift in the economic structure, and PVARA will ensure market security, transparency and investor confidence through a structured licensing and regulatory mechanism. He said the authority is the sole regulatory body responsible for licensing and oversight under the Pakistan Virtual Assets Regulatory Authority Act.
He also announced that a consultative group is being formed to develop a comprehensive legal and regulatory framework for digital currency and virtual assets in Pakistan. Highlighting institutional progress, he said that within the last nine months, PVARA has been established as an active and independent regulatory authority aimed at facilitating investors and promoting investment in the sector. He further invited the industry to expand investment in emerging technologies including artificial intelligence, robotics and blockchain, assuring full government support in this regard. Bilal bin Saqib expressed that the government is committed to accelerate regulatory reforms in Pakistan’s rapidly evolving digital assets landscape and to transform the sector into a strong engine of economic growth and national development.