Pakistan has established a regulatory framework for virtual assets in less than six months, while using only a small portion of its approved budget, according to Minister of State and Pakistan Virtual Assets Regulatory Authority Chairman Bilal Bin Saqib.
Speaking at Bitcoin Asia in Hong Kong, Saqib said the authority completed the framework using only 8 percent of its approved budget.
He said the remaining 92 percent was returned to the national treasury after the regulatory work was completed.
Pakistan Creates Formal Pathway for Crypto Businesses
The new framework is designed to provide a formal regulatory pathway for companies operating in Pakistan’s digital asset sector.
According to Saqib, the rules cover several major areas of the virtual asset industry.
These include cryptocurrency exchanges, asset custody, brokerage services and asset management.
The framework is also intended to establish clearer requirements for companies seeking to operate legally within Pakistan’s emerging digital asset market.
Saqib presented the development as an effort to bring the country’s rapidly growing virtual asset sector within a structured regulatory environment.
AML, Cybersecurity and Customer Protection Included
The regulatory framework also includes safeguards addressing key risks associated with digital assets.
These measures cover anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements.
The framework also addresses the protection of customer assets and cybersecurity.
Such requirements are aimed at reducing financial crime risks while providing greater protection for people and businesses using regulated digital asset services.
The move could also provide companies with greater clarity about the requirements they must meet before offering virtual asset-related services in Pakistan.
Regulator Highlights Low Spending and Technology-Based Model
Saqib said the authority’s performance should be assessed through outcomes rather than the amount of money spent.
He argued that Pakistan had adopted a model focused on small teams, technology and rapid implementation, rather than creating a large government bureaucracy.
According to the minister, completing the regulatory framework while spending only 8 percent of the approved budget demonstrates that government institutions can achieve major objectives without necessarily expanding administrative structures.
He also stressed that technology is developing rapidly, requiring governments and regulators to respond more quickly than traditional policymaking processes allow.
Pakistan Seeks Faster Response to Digital Asset Growth
Saqib said Pakistan’s experience demonstrates the importance of matching regulatory speed with technological development.
Digital assets, including cryptocurrencies and blockchain-based financial services, continue to evolve quickly. Regulators therefore face the challenge of developing rules that protect consumers and financial systems without unnecessarily slowing innovation.
Pakistan’s new framework is intended to provide a structured environment for digital asset companies while addressing concerns surrounding financial crime, cybersecurity and customer protection.
Saqib said the country’s approach reflects an effort to build regulation that can adapt as the digital asset industry continues to change.
The establishment of the framework marks a significant step in Pakistan’s attempt to formally regulate the virtual asset sector and create clearer rules for businesses operating in the industry.
