Pakistan has launched its virtual asset regulatory regime in less than six months using approximately $200,000, or just 8% of its allocated budget, according to Bilal Bin Saqib, the country's Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA).
Speaking at Bitcoin Asia in Hong Kong on August 28, Saqib emphasized that government success should be measured by delivery rather than spending. The rapid regulatory rollout moved from primary legislation to notified regulations and a live licensing regime, establishing a formal pathway for companies operating in the digital asset sector.
Framework Scope and Requirements
The regulatory framework covers exchanges, custody, brokerage, asset management, lending and settlement activities. It introduces requirements around governance, anti-money laundering and counter-terrorism financing, customer asset safeguarding, cybersecurity and market conduct.
Speed and Structure Balance
Saqib framed the PVARA rollout as demonstrating how governments can operate efficiently in rapidly evolving technology environments. Rather than building large bureaucracies, the authority focused on smaller teams and technology-driven workflows.
Saqib stated that "technology is moving at machine speed. Government has to learn how to move much faster without compromising structure, accountability or consumer protection." He emphasized the need to balance speed with institutional credibility, noting that "speed without structure can be dangerous. But structure without speed can become irrelevant."
Future Regulatory Horizons
Pakistan's regulatory ambitions extend beyond the current digital asset market. The country is preparing for an economy shaped by tokenized markets, programmable payments, stablecoins, machine-to-machine commerce and artificial intelligence agents.
Saqib identified emerging questions around AI agent transactions, including responsibility assignment, delegated authority and anti-money laundering controls when machines transact directly with one another. He stated that "today we are regulating virtual asset service providers. Tomorrow we will need regulation around agentic payments and the agentic economy."
Emerging Markets Strategy
Pakistan's approach represents an attempt to compress the traditional adoption timeline for emerging markets. With a population exceeding 240 million, the country is positioning itself to build financial infrastructure at the frontier rather than adopting mature innovations from larger economies.
