By Staff Reporter
LAHORE: Prime Minister Shehbaz Sharif directed authorities on Friday to move as quickly as possible to make a new regulatory system for virtual assets fully operational, saying the framework must meet international standards to help expand Pakistan’s digital economy and bolster investor confidence.
The directive came during a meeting in Lahore with Bilal Bin Saqib, minister of state and chairman of the Pakistan Virtual Assets Regulatory Authority, according to a statement issued by the Prime Minister’s Office. Sharif told Saqib that an effective, globally aligned oversight regime for virtual assets should be up and running without delay.
The prime minister also called for targeted training programs to equip young Pakistanis with skills in emerging technologies, particularly artificial intelligence and digital finance. Such measures are needed, he said, to ensure the country’s workforce is prepared for the demands of the future economy.
Saqib briefed the prime minister on the authority’s transition from a newly established body into a fully functioning regulator. He outlined plans for the launch of a regulatory sandbox that will allow companies to test innovative products—such as AI-powered payment systems and regulated virtual-asset services—in a controlled environment.
Officials told Shehbaz that work is already under way to ready national institutions, the labor force and the regulatory architecture for what they described as the next wave of economic transformation driven by digital finance and emerging technologies.
The developments mark the latest step in Pakistan’s push to bring virtual assets under formal supervision following a major policy shift earlier this month. The State Bank of Pakistan enacted the Virtual Assets Act 2026, which legalizes and encourages the use of virtual assets while designating PVARA as the sole statutory body responsible for licensing, regulating, supervising and overseeing all related activities in the country.
On Monday, the authority reinforced its oversight role, stating that any agreement or pilot project involving virtual assets would require its prior approval. The government’s emphasis on rapid implementation of the new framework reflects Islamabad’s broader ambition to integrate digital finance into the mainstream economy while aligning with global regulatory expectations. By establishing clear rules and fostering innovation through the sandbox, officials hope to attract investment and position Pakistan more competitively in the fast-evolving world of virtual assets and blockchain-based services.
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