LONDON: Pakistan’s rapid push to regulate virtual assets is emerging as one of the fastest-moving reforms in the global digital financial landscape, positioning the country as a serious and credible participant in the next phase of financial innovation, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has said.
In an interview in London, Bilal said Pakistan has moved decisively to bring structure, oversight and legitimacy to a sector that had long operated without a formal framework, despite its scale and widespread adoption.
He cited recent visits to Pakistan by Steve Witkoff, representatives of World Liberty Financial, Binance founder Changpeng Zhao and TRON founder Justin Sun as evidence of the global community’s receptivity to Pakistan’s efforts to modernize its digital financial ecosystem.
“These engagements are not symbolic,” he said. “They signal that Pakistan is now being taken seriously as a jurisdiction that understands both the risks and opportunities of digital assets.”
Bilal, who previously advised an international crypto firm linked to the Trump administration, World Liberty Financial, while based in London, said his experience working with global institutions has been instrumental in projecting Pakistan as a credible and forward-looking market.
Bilal pointed to Pakistan’s underlying fundamentals, including its young, tech-savvy population and large user base, as reasons why regulatory clarity became a strategic necessity rather than a choice.
“For years this market existed without regulation,” he said. “The real risk lay in doing nothing. We are now building security measures, systems and institutions at high speed.”
He also clarified that his role at PVARA is entirely pro bono. “This is about national capacity building,” he said. “Pakistan’s youth should not be restricted to low-value roles in global digital economies. We must empower them to build, innovate and create value from within Pakistan.”
According to Bilal, Pakistan already ranks among the largest crypto markets globally, a reality that underscores the urgency of regulation. PVARA’s mandate, he explained, is to transform scale into credibility by aligning national oversight with international standards for anti-money laundering, consumer protection and market integrity.
“PVARA represents the first comprehensive attempt to bring order to a space that had grown faster than the state’s ability to respond,” he said. “Currently, we license exchanges with a risk-based approach that protects users while allowing responsible innovation.”
He said governance in fast-paced digital markets must evolve alongside technology, including artificial intelligence. PVARA, he explained, is being structured to use AI systematically across licensing, oversight and market surveillance, ensuring that regulatory processes move at the speed of innovation.
He added that Pakistan issued its first No Objection Certificates to crypto exchanges in under five months, a process that has taken close to two years in many comparable jurisdictions. “Speed matters,” he said. “Capital, talent and platforms are moving fast. Regulation needs to be able to keep up.”
Reflecting on his personal journey, Bilal said his approach to policy-making and strategy was shaped during his years in the United Kingdom, where he worked as a consultant.
Bilal is an alumnus of the London School of Economics, where he was awarded the most commendable graduate student of the year. During his MSc in Social Innovation and Entrepreneurship at LSE, he also served as a sabbatical officer.
During the Covid-19 lockdowns, he played a leading role in the One Million Meals campaign in support of frontline workers, an effort that earned him national recognition in the UK, including the Points of Light award and Member of the Order of the British Empire (MBE). Bilal also made the Forbes 30 under 30 list for his contributions to entrepreneurship and innovation.
When asked about political ambitions, Bilal said his focus remains firmly on building systems rather than holding office. “I work to create frameworks that outlive individuals,” he said. “Once the institutions are functional, you move on and build the next one.”
He concluded by saying that Pakistan’s digital asset reforms are still in their early stages, but the direction is clear. “This is about future-proofing the country,” he said. “We’re laying the groundwork, not chasing headlines.”
