Virtual assets adoption: Govt holds key meeting with banks, exchange firms
Sources told Business Recorder that a joint meeting of the exchange companies, bank's exchange companies and gem and jewellery representatives was conducted to brief the development related to crypto currency and virtual assets in Pakistan. The meeting was chaired by SBP Governor Jameel Ahmed and attended by CEO of the Pakistan Crypto Council (PCC) Bilal bin Saqib, who also serves as the Special Assistant to the Prime Minister (SAPM) on blockchain and cryptocurrency.
Aimed at embracing emerging digital currencies in alignment with global developments, in February, the Ministry of Finance announced the formation of a 'Pakistan Crypto Council' and Bilal bin Saqib was appointed CEO. Later, on July 9, 2025, the federal government announced the formal approval of the 'Virtual Assets Act, 2025,' following endorsements from the Federal Cabinet, the Prime Minister, and the President of Pakistan.
Pakistan establishes Digital Assets Authority to regulate crypto, blockchain
Virtual Assets Act, 2025 establishes the Pakistan Virtual Asset Regulatory Authority (PVARA), an autonomous federal body empowered to license, regulate, and supervise entities dealing in virtual assets. The Authority has been granted comprehensive powers to ensure transparency, compliance, financial integrity, and the prevention of illicit activities, in alignment with international standards including those of the Financial Action Task Force (FATF).
During the meeting, Bilal Bin Saqib delivered a detailed presentation on cryptocurrency legalization in Pakistan, highlighting that a significant number of Pakistanis are already investing in digital assets.
He urged representatives of exchange companies, banks, and the jewellery sector to support this important initiative, stating that Pakistan, in consultation with all stakeholders, has all set for digital asset adoption and economic modernization in line with international best practices. He described it as a game-changing move for the country and emphasized the need to support the government, noting that it will ultimately benefit Pakistan.
Industry sources revealed during the meeting, exchange companies and banks were informed that they would be granted licenses to operate in the cryptocurrency sector.
It may be mentioned here that central banks around the world are actively exploring the potential use and implementation of digital currencies. SBP is also working on the same patron and SBP Governor Jameel Ahmad, earlier this month in an international conference revealed that the SBP is preparing to launch a pilot project for a digital currency and is finalizing legislation to regulate virtual assets.
Copyright Business Recorder, 2025
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