Pakistan Unveils Crypto Regulatory Framework After 8-Year Ban

Pakistan has announced a new regulatory framework for cryptocurrencies after banning them for nearly a decade. The country's Virtual Assets Act is designed to oversee virtual assets and businesses operating in this space.

Bilal Bin Saqib, the special assistant to the prime minister on blockchain and cryptocurrency, made the announcement on social media platform X. He invited foreign businesses to come to Pakistan and set up shop under the new regulations.

The Licensing Regulations introduced by the Virtual Assets Act outline what is required of providers and guarantees for consumers. The licensing portal has also been opened for those interested in obtaining a license.