PM Shehbaz orders fast-track virtual assets regulation to boost digital economy

LAHORE: Prime Minister Shehbaz Sharif on Friday directed authorities to swiftly operationalise a comprehensive regulatory framework for virtual assets in line with global standards, aiming to strengthen Pakistan’s digital economy and boost investor confidence.

The directive came during a meeting with State Minister and Chairman of the Pakistan Virtual Assets Regulatory Authority, Bilal Bin Saqib, according to a statement issued by the Prime Minister’s Office.

The premier stressed the need for a robust and effective regulatory system, adding that timely implementation would help position Pakistan as a credible player in the evolving digital finance landscape. He also underscored the importance of equipping youth with skills in emerging technologies, particularly artificial intelligence and digital finance, to align the workforce with future economic demands.

During the briefing, Saqib informed the prime minister about PVARA’s transition into a fully operational regulator and the launch of a regulatory sandbox to support innovation. He highlighted ongoing efforts to introduce advancements in AI-powered payments and regulated virtual asset services.

Officials also apprised the meeting of initiatives aimed at preparing national institutions, regulatory frameworks and human capital for the next phase of economic transformation.

The development follows a recent policy shift by the State Bank of Pakistan, which legalised and promoted the use of digital assets through the Virtual Assets Act 2026. Under the law, PVARA has been designated as the statutory body responsible for licensing, regulation and oversight of virtual asset activities in the country.

Authorities have also made it clear that any agreements or pilot projects involving virtual assets will require prior approval from the regulator, reinforcing oversight as Pakistan moves toward a more structured digital financial ecosystem.