PVARA chief joins WEF committee as crypto rules take shape

KARACHI (Web Desk) - Pakistan has secured a seat in global rule-making on cryptocurrencies and blockchain governance after Bilal Bin Saqib, chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA), joined the World Economic Forum’s Steering Committee on Digital Asset Regulations, the finance ministry said on Thursday.

The announcement comes as Pakistan works on its first regulatory framework for virtual assets, a sector the government says requires clear oversight to protect consumers, support financial stability and keep pace with international standards.

Saqib’s inclusion in the WEF steering body signals Pakistan’s entry into high-level global discussions at a time when major economies are formalizing rules for cryptocurrencies and tokenized assets.

“A notable development for Pakistan’s global positioning in the virtual assets space is that the Chairman of PVARA is now part of the World Economic Forum’s Steering Committee on Digital Asset Regulations,” the finance ministry said.

“This participation strengthens Pakistan’s presence in international policy discussions and signals growing recognition of the country’s role in shaping the global conversation on digital asset governance.”

The statement followed Finance Minister Muhammad Aurangzeb’s first official visit to Pakistan’s virtual asset regulatory authority, where he received a briefing on ongoing consultations with domestic and international stakeholders and the development of phased regulatory guidelines.

Officials said the framework aims to ensure transparency, consumer protection and alignment with global best practices.

“This is an important national mandate, and we are building it from the ground up with a Pakistan-first approach,” Saqib, 34, was quoted as saying in a finance ministry statement.

“The Authority is fully committed to responsible innovation, strong safeguards, and regulatory clarity. The Minister’s guidance and support will accelerate our work and help position Pakistan responsibly in the evolving digital economy.”

In March 2025, Pakistan established the Pakistan Crypto Council (PCC) under the Federal Finance Ministry to set policy and promote blockchain and digital assets. In July, the government formalized PVARA via the Virtual Assets Ordinance to license and regulate virtual-asset service providers.

Saqib also unveiled the country’s first government-led strategic bitcoin reserve at Bitcoin Vegas 2025 this May.

Until now, Pakistan’s crypto space existed in a legal grey zone: while the State Bank of Pakistan has declared cryptocurrency transactions illegal, millions of citizens, including freelancers, are estimated to use trading platforms and peer-to-peer exchanges.

The creation of the PCC and PVARA signals Islamabad is shifting toward regulation, balancing innovation with concerns about money-laundering and financial stability.