Pakistan Virtual Assets Regulatory Authority has begun work on developing a structured regulatory framework for digital assets, taking a more collaborative approach by involving industry stakeholders in the policy-making process.

Chairman Bilal Bin Saqib announced the development during an industry briefing attended by founders, CEOs, technologists, and financial sector innovators working in Pakistan’s digital assets space.

Officials said the objective is to ensure that the regulatory framework is not designed in isolation, but instead shaped through direct input from market participants, allowing practical industry challenges to be reflected in policy design.

The regulator aims to establish a two-way engagement model between the government and the private sector to help define licensing requirements, legal clarity, and compliance standards for virtual asset operations in the country.

Highlighting Pakistan’s broader financial landscape, the chairman noted that the country receives over $38 billion in annual remittances while a large portion of the adult population remains outside the formal banking system, creating potential space for digital financial solutions.

He also emphasized the growing importance of emerging technologies such as blockchain, artificial intelligence, and robotics, describing them as interconnected pillars for future economic development.

Officials said the upcoming framework will focus on providing regulatory clarity while also introducing safeguards to protect users and encourage responsible innovation in the digital assets market.