Pakistan is moving ahead with plans to develop a regulatory framework for digital assets as blockchain adoption continues to expand, said State Minister and Pakistan Virtual Assets Regulatory Authority Chairman Bilal Bin Saqib.
Speaking at a leadership summit on blockchain and digital assets organised by the LUMS Centre for Digital Assets Research on Saturday, he said the government must bring millions of users into the formal financial system.
He estimated that around 40 million people in Pakistan are already using digital assets, mostly through informal platforms outside regulatory oversight, creating both opportunities and risks.
Regulation, he said, should support innovation while ensuring consumer protection and financial stability.
Saqib stressed that integrating users into the formal economy would reduce exploitation and improve financial inclusion.
He also said Pakistan’s annual remittance inflows of about $38 billion could be made more efficient through blockchain-based settlement systems, while regulatory clarity could strengthen the country’s growing freelance economy.
He said Pakistan has developed a regulatory approach in a short time, supported by institutional backing, and will adopt a risk-based model using sandbox environments to test new technologies.
He added that asset-backed tokenisation is an early focus area that could expand access to investment opportunities in sectors such as real estate and financial instruments.
Warning against delays, he said continued reliance on unregulated systems could increase risks given the scale of adoption. He also said Pakistan has an opportunity to contribute to global digital finance policy discussions.
Calling for cooperation, he urged banks, technology companies, academia and regulators to work together to build skills and capacity, saying talent development remains the biggest gap in the sector.
Source: DAWN
Bd-pratidin English/ Jisan
