Bilal Bin Saqib and SBP Governor Meet to Advance Crypto Regulatory Framework

The Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, visited the State Bank of Pakistan in Karachi and met with the Governor, Jameel Ahmad, to align on Pakistan’s evolving cryptocurrency regulatory framework and the critical role of inter-institutional coordination in its implementation. Senior members of the State Bank of Pakistan team were also present during the meeting. The discussion focused on the regulatory architecture for virtual assets, with particular attention to critical issues such as capital outflows, foreign exchange considerations, and financial stability. The role of banks in establishing formal, transparent on-ramp and off-ramp mechanisms was discussed, alongside measures to gradually curb unregulated peer-to-peer activity through supervised channels. The meeting also included an exchange on Central Bank Digital Currency initiatives. Both sides emphasized that effective crypto regulation in Pakistan requires close and continuous coordination between PVARA and the State Bank of Pakistan. Speaking on the engagement, Chairman PVARA Bilal Bin Saqib said: Pakistan is ranked third globally on the crypto adoption index, with an estimated 30 to 40 million users and annual digital asset activity valued in the hundreds of billions of dollars. PVARA’s mandate is to ensure that this substantial existing market is brought into a regulated, transparent, and internationally aligned framework that safeguards consumers, strengthens financial integrity, and supports sustainable growth. In approximately four months since its first Board meeting at the end of August, PVARA has moved decisively from policy formulation to implementation. As part of its phased and risk-based regulatory approach, the Authority has issued No Objection Certificates to leading global virtual asset platforms, including Binance and HTX. These NOCs provide a controlled entry into Pakistan’s regulatory perimeter and do not constitute full operating licenses. Progression toward full licensing remains ongoing and is subject to comprehensive compliance, governance, and systems readiness requirements, reflecting the Authority’s commitment to timely yet prudent regulation. The meeting reaffirmed a shared commitment between PVARA and the State Bank of Pakistan to build a secure, credible, and future-ready digital asset ecosystem that supports economic growth, attracts responsible investment, and strengthens Pakistan’s standing in the global digital economy.