Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has called on Muslim countries to move beyond simply adopting emerging technologies and focus on developing the companies, research capabilities and digital infrastructure behind them. Speaking about artificial intelligence, blockchain, crypto and technological sovereignty, Saqib argued that the Muslim world has a significant opportunity to participate more actively in the next phase of technological development. His remarks, discussed at Harvard in connection with the future of blockchain and Islamic finance, focused on the difference between having access to technology and possessing the capacity to create it. The discussion comes as artificial intelligence and blockchain continue to influence financial services, payments, capital markets and business models worldwide. Saqib has previously described this transition as a need for young populations, particularly in developing economies, to view emerging technologies not simply as tools to consume but as industries around which new companies and products can be developed. Pakistan has also been moving toward a formal regulatory framework for virtual assets through the Virtual Assets Act 2026 and the establishment of PVARA, creating a regulated structure for businesses operating in the digital-asset sector.
The PVARA chairman connected the current technology transition with the historical role of the Muslim world in advancing mathematics, science and scholarship. One example is Muhammad ibn Musa al-Khwarizmi, whose name is associated with the origin of the modern term “algorithm.” Saqib’s broader argument is that historical contributions were possible because scholars did not merely receive knowledge from other regions; they studied existing ideas, challenged them and developed new work from them. The same approach, according to the discussion, could be applied to modern technologies such as AI, blockchain and digital financial infrastructure. Muslim-majority countries today have large consumer markets, young populations and growing pools of technical talent, but much of the core technology used by these markets is developed elsewhere. Moving toward technology production would require greater investment in universities, research, engineering talent, computing infrastructure and technology companies. Artificial intelligence could also reduce some of the cost and time involved in software development, analysis and experimentation, allowing smaller teams to work on products that previously required significantly larger resources. However, access to AI tools alone would not create technological independence, as advanced models and infrastructure still depend on computing capacity, data, capital and highly skilled technical teams.
Pakistan’s virtual asset sector was presented as one example of how technology adoption can be accompanied by the development of local regulatory and institutional capacity. The country has moved from earlier restrictions on virtual assets toward a formal framework under the Virtual Assets Act 2026, with PVARA established as the dedicated regulator. According to the Pakistan Information Department, the authority has notified licensing regulations and opened a licensing portal for virtual asset service providers. The regulatory framework also includes a sandbox through which developers and entrepreneurs can test products in areas such as tokenisation, payments, digital-asset custody and compliance technology under supervision. Saqib has argued that this type of infrastructure can give Pakistani developers and founders a pathway to build products rather than simply use platforms developed in other markets. The opportunity extends beyond cryptocurrency trading, with blockchain-based systems being explored for areas including tokenised real-world assets, payments, settlement and digitally native financial products. The regulator has also been involved in discussions around how different types of digital assets should be assessed, particularly as Pakistan explores applications involving stablecoins, tokenised assets and Islamic finance.
The wider challenge identified by Saqib is therefore not limited to crypto or blockchain but concerns the ability of developing economies to participate in the production of emerging technologies. Building that capacity would require cooperation between governments, regulators, universities, investors, technology companies and young entrepreneurs. Rather than attempting to replicate technologies developed in other markets, local companies can use existing tools to address domestic challenges and eventually develop products that can serve international customers. Saqib has similarly argued in other international forums that Pakistan should seek a role in shaping the technologies and financial systems of the future, rather than remaining only an end user. His comments at Harvard place that argument within a broader discussion about AI, blockchain and Islamic finance, while Pakistan’s evolving virtual asset framework provides an institutional example of the country’s attempt to create space for emerging digital-finance businesses. As AI and blockchain become increasingly connected with payments, financial services and capital markets, the ability to develop local talent, infrastructure and products could determine how much value countries capture from the next technology cycle.
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