Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib said Pakistan has made significant strides in the digital assets sector despite limited resources, establishing a comprehensive regulatory system for virtual assets in under six months.
He said Pakistan spent only 8% of its approved budget to build the virtual assets regulatory framework, with PVARA returning 92% of its allocated budget to the national exchequer. According to PVARA, Saqib made these remarks while addressing Bitcoin Asia in Hong Kong, where he highlighted Pakistan’s rapid, low-cost governance model, which he said had drawn international recognition.
The PVARA chairman said the regulatory framework also incorporates requirements related to anti-money laundering (AML), counter-financing of terrorism (CFT), protection of customer assets, and cybersecurity. He said a government’s success should be measured by its results, not by how much it spends.
