Formal Licensing Process for Virtual Asset Services Has Begun: Bilal Bin Saqib
ISLAMABAD: The Minister of State and Chairman of Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, announced the formal launch of the country’s virtual asset service providers (VASP) licensing process, which will be applicable to existing businesses from September 5, 2026.
In the context of the national digital economy, Bilal Bin Saqib said that the virtual assets regulatory regime was not only for monitoring virtual asset exchanges but to build the groundwork for financial innovation, financial inclusion and digital economic expansion. He pointed out that some new areas of export growth, remittance of workers, and facilitating SME financing can be opened up in the country by introducing blockchain integration, stablecoins, and tokenization.
Innovative and unique features of the tokenization and Three-Phase Regulatory Roadmap.Unique and innovative aspect of Tokenization and Three-Phase Regulatory Roadmap.
The Minister explained that tokenization can link local businesses’ trade receivables and real-world assets to the global capital markets, offering better access to working capital. In addition, he pointed out that Pakistan can get a strong foothold in Islamic finance through compliant tokenized products, which will serve as a great medium for the nation to build its reputation in this field.
Bilal Bin Saqib says Pakistan’s regulatory trajectory for virtual assets is a well-defined three-part plan that includes licensing, consumer protection measures, and stringent enforcement of anti-money laundering (AML) regulations. Future stages will be dedicated to actual implementation of blockchain in remittances, cross-border payments, digital exports, trade finance and tokenized securities.
He believed that the landscape of global economy is changing rapidly due to the advent of artificial intelligence and blockchain and Pakistan should develop technological capabilities on national level to prepare itself for future technologies.