Pakistan is exploring deeper cooperation with Hong Kong on tokenized capital markets and digital assets, according to meetings between Pakistan's Virtual Assets Regulatory Authority (PVARA) and Hong Kong financial officials.
PVARA Chairman Bilal Bin Saqib met with Hong Kong's Secretary for Financial Services, Christopher Hui, and Dr. Kelvin Wong, Chairman of Hong Kong's Securities and Futures Commission, to discuss regulatory frameworks around digital bond issuance, tokenization, and stablecoins.
Saqib emphasized that tokenization represents a capital formation opportunity for emerging markets. "If we can make Pakistani assets easier for global investors to access, settle and hold, we can widen the pool of capital available to the country," he stated.
Hong Kong's Track Record
Hong Kong has established experience in tokenized markets. The territory issued $102 million in tokenized green bonds in 2023, followed by a $766 million multi-currency green bond in 2024 and a $1.28 billion green bond in its third issuance. The Hong Kong Monetary Authority engaged financial institutions including JPMorgan and HSBC to further develop its tokenized markets infrastructure.
Pakistan's Regulatory Push
Pakistan established the PVARA last year to license, monitor, and govern its crypto industry. In August, the authority opened its licensing framework with a September 5 deadline for existing crypto operators to obtain operating licenses or exit the market.
The Asia-Pacific region recorded strong cryptocurrency adoption in 2025, with both Hong Kong and Pakistan among the top 10 countries for adoption rates, according to Chainalysis.
