The government of Pakistan is moving aggressively to formalize the digital assets sector as Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal bin Saqib reiterated his commitment to regulating the market during a high profile leadership summit in Lahore. Addressing industry experts and stakeholders at a dedicated session on blockchain and digital assets, the Chairman emphasized that the primary goal is to transform this emerging sector into a powerful engine for national economic growth. This vision aligns with the broader digital agenda set forth by Prime Minister Muhammad Shahbaz Sharif, which prioritizes the modernization of the financial landscape through concrete regulatory steps and the adoption of global best practices in virtual asset management.A central theme of the summit was the potential for blockchain and digital technologies to fundamentally overhaul traditional systems of governance and commerce.
Bilal bin Saqib highlighted that these technologies offer a unique opportunity to bring the digital assets market out of the gray economy and into a transparent, documented, and taxable framework. By establishing a clear legal status for virtual assets, the government aims to eliminate the risks associated with unregulated trading while ensuring that the national exchequer benefits from the substantial volume of digital transactions currently taking place. This transition toward a documented system is expected to improve Pakistan’s standing in international financial evaluations and attract institutional investors who require a stable regulatory environment.The Chairman of the Pakistan Virtual Assets Regulatory Authority also underscored the government’s role in fostering a vibrant ecosystem that encourages innovation, research, and development. He noted that the state is working to create a roadmap that allows Pakistan to harness the benefits of modern digital technology across various sectors, including supply chain management and decentralized finance.
By providing a structured platform for startups and established tech firms, the authority intends to make Pakistan a regional hub for blockchain excellence. This approach includes not only the drafting of new laws but also the creation of sandboxes where new products can be tested under regulatory supervision to ensure consumer protection and financial stability.Education and skill development for the youth emerged as a critical pillar of the new strategy. Bilal bin Saqib pointed out that equipping the younger generation with specialized digital skills is essential for Pakistan to maintain a competitive edge in the global market. As the demand for blockchain developers and digital asset managers grows worldwide, the government is focusing on vocational training and academic partnerships to prepare a workforce that can thrive in a digital-first economy.
This human capital investment is seen as a prerequisite for the long-term success of the virtual assets market, ensuring that the country has the local expertise to manage and innovate within this complex technological domain.In a direct call to action for the private sector, the Minister invited industry leaders to increase their investment in emerging fields such as artificial intelligence, robotics, and blockchain. He assured potential investors that the government would provide all possible cooperation and incentives to facilitate these high-tech ventures.
Bye aligning fiscal policies with technological goals, the Pakistan Virtual Assets Regulatory Authority aims to build a resilient economy that is less dependent on traditional sectors and more integrated with the global digital value chain. The commitment to regulating virtual assets marks a significant turning point in the country’s economic policy, signaling a move toward transparency, technological integration, and future-ready governance.
Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.
