Prime Minister Shehbaz Sharif has issued a high level directive calling for the immediate and full operationalization of a comprehensive regulatory system for virtual assets that aligns with global international standards. During a strategic meeting held in Lahore with State Minister and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib, the Prime Minister emphasized that establishing this framework is a critical step toward accelerating the growth of the digital economy in Pakistan and bolstering the confidence of both local and international investors. The Prime Minister Office issued a formal statement highlighting that the premier views the rapid implementation of these regulations as a cornerstone for Pakistan’s integration into the modern global financial landscape.
In addition to the regulatory focus, Prime Minister Sharif underscored the urgent need for human capital development within the technology sector. He specifically directed that special measures be implemented to provide advanced training to the Pakistani youth in cutting edge technologies. The Prime Minister noted that focusing on artificial intelligence and digital finance is essential to ensure that the national workforce remains competitive and properly aligned with future global economic requirements. By bridging the skills gap in these specialized fields, the government aims to position Pakistan as a hub for digital innovation and financial technology services.
During the session, Chairman Bilal Bin Saqib provided an extensive briefing on the current status of the PVARA as it transitions into a fully functional statutory regulator. A key highlight of the briefing was the successful launch of a regulatory sandbox, which is designed to allow controlled testing of innovative financial products. The Prime Minister was informed that the authority is actively introducing innovation in several high impact areas, including the development of AI powered payment systems and the creation of a structured environment for regulated virtual asset services. This transition is part of a broader strategy to prepare national institutions and the domestic workforce for a significant wave of economic transformation driven by digital assets.
This administrative push follows a landmark policy shift by the State Bank of Pakistan earlier this month. The central bank recently legalized and began encouraging the utilization of virtual assets through the formal enactment of the Virtual Assets Act 2026. This legislation officially designated the PVARA as the primary statutory authority responsible for the licensing, supervision, and comprehensive oversight of all virtual asset activities within the country. The act provides the legal bedrock necessary for the authority to manage the complexities of the crypto and blockchain sectors while ensuring financial stability and compliance with international anti money laundering protocols.
To maintain market order during this transition, the Pakistan Virtual Assets Regulatory Authority recently clarified its stance regarding new projects. The authority stated that any agreement, pilot program, or commercial announcement involving virtual assets requires explicit prior authorization from the regulator. This measure is intended to prevent the unregulated proliferation of digital assets and to protect consumers from potential market volatility. With the Prime Minister’s latest directives, the focus now shifts to the rapid scaling of the PVARA’s capabilities to meet the high demand for digital financial services while maintaining a secure and transparent environment for all participants in the emerging ecosystem.
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