Top visits signal Pakistan understands risks, opportunities of digital assets: Bilal Bin Saqib

LONDON: Pakistan's rapid push to regulate virtual assets is emerging as one of the fastest-moving reforms in the global digital finance landscape, positioning the country as a serious and credible participant in the next phase of financial innovation, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has said.

Speaking in an interview in London, Bilal said Pakistan has moved decisively to bring structure, oversight, and legitimacy to a sector that had long operated without a formal framework, despite its scale and widespread adoption.

He cited recent visits to Pakistan by Steve Witkoff, representatives of World Liberty Financial, Binance founder Changpeng Zhao, and TRON founder Justin Sun as evidence of the global community’s receptiveness to Pakistan’s efforts to modernise its digital financial ecosystem.

"These engagements are not symbolic," he said. "They signal that Pakistan is now being taken seriously as a jurisdiction that understands both the risks and the opportunities of digital assets."

Bilal, who previously advised an international crypto company linked to the Trump administration, World Liberty Financial, while based in London, said that his experience working with global institutions has been instrumental in projecting Pakistan as a credible and forward-looking market.

Bilal pointed to Pakistan's underlying fundamentals, including its young, tech-literate population and large user base, as reasons why regulatory clarity became a strategic necessity rather than a choice.

"For years, this market existed without rules," he said. "The real risk was in doing nothing. We are now building safeguards, systems, and institutions at speed."

He also clarified that his role at PVARA is entirely pro bono. "This is about national capacity building," he said. "Pakistan's youth should not be limited to low-value roles in global digital economies. We must enable them to build, innovate, and create value from within Pakistan."

According to Bilal, Pakistan already ranks among the largest crypto markets globally, a reality that underscores the urgency of regulation. PVARA's mandate, he explained, is to convert scale into credibility by aligning domestic oversight with international standards on anti-money laundering, consumer protection, and market integrity.

"PVARA represents the first comprehensive attempt to bring order to a space that had grown faster than the state’s ability to respond," he said. "Currently, we are licensing exchanges with a risk-based approach that protects users while allowing responsible innovation."

He said that governance in fast-moving digital markets must evolve alongside technology, including artificial intelligence. PVARA, he explained, is being structured to use AI systematically across licensing, supervision, and market oversight, ensuring that regulatory processes move at the speed of innovation.

He added that Pakistan issued its first No Objection Certificates to crypto exchanges in under five months, a process that has taken close to two years in many comparable jurisdictions. "Speed matters," he said. "Capital, talent, and platforms move quickly. Regulation must be capable of keeping up."

Reflecting on his personal journey, Bilal said his approach to policy making and strategy was shaped during his years in the United Kingdom, where he worked as a consultant.

Bilal is an alumnus of the London School of Economics, where he was awarded Most Commendable Master's Student of the Year. During his Master's degree in Social Innovation and Entrepreneurship at LSE, he also served as a Sabbatical Officer.

During the Covid-19 lockdowns, he played a leading role in the One Million Meals campaign supporting frontline workers, an effort that earned him national recognition in the UK, including the Points of Light award and the Member of the Order of the British Empire (MBE). Bilal was also made part of the Forbes 30 under 30 list for his contributions towards entrepreneurship and innovation.

When asked about political ambitions, Bilal said his focus remains firmly on building systems rather than holding office. "I work on creating frameworks that outlast individuals," he said. "Once institutions are functional, you move on and build the next one."

He concluded by saying that Pakistan’s digital assets reforms are still in their early stages, but the direction is clear. "This is about future-proofing the country," he said. "We are laying foundations, not chasing headlines."