Pakistan decide to regulate digital assets industry

The Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) and Minister of State Bilal bin Saqib held an important meeting with stakeholders of the digital assets industry to discuss the future of the sector.

During the meeting, the Chairman highlighted the rapidly changing regulatory landscape of Pakistan’s digital assets industry and stressed the need for a clear and effective framework.

Bilal bin Saqib said efforts are being accelerated to regulate the digital assets market and turn it into a strong engine for the country’s economy. He also reaffirmed the government’s commitment to support investment in the digital economy.

He added that a consultative group will be formed to develop a legal framework for digital currency and virtual assets, ensuring proper regulation and growth of the sector.

He said that the digital assets industry will be brought out of the grey market and integrated into the formal economy. Investors in the digital economy will be provided full support and facilitation.

The Minister of State further stated that in just nine months, Pakistan Virtual Assets Regulatory Authority has been made an active and independent regulatory body.

He also said that under the PVARA Act, the authority is the sole institution responsible for licensing and monitoring the sector.

Technology experts attending the meeting expressed confidence in Bilal bin Saqib’s leadership and described PVARA as an important pillar of Pakistan’s future economy.