Pakistan Builds Crypto Regulatory Regime with Just 8% of Budget

Pakistan's Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, revealed that the country built its crypto regulatory regime using just 8% of its budget. Speaking at Bitcoin Asia in Hong Kong on August 28, Saqib stated that approximately $200,000 was used to build and operationalize the new framework.

The regulatory regime was launched in under six months, establishing a formal pathway for companies operating in the digital asset sector. The framework covers activities including exchanges, custody, brokerage, asset management, lending, and settlement, while introducing requirements around governance, anti-money laundering, and counter-terrorism financing.

Saqib framed the PVARA rollout as more than a regulatory achievement, arguing that it demonstrates how governments can operate differently in an environment where technology is developing rapidly. He emphasized the need for speed without compromising structure, accountability, or consumer protection.