PM Shehbaz says regulatory system for virtual assets should be operationalised at the earliest

Prime Minister Shahbaz Sharif on Friday directed that an effective regulatory system for virtual assets in line with international standards should be operationalised as soon as possible

The remarks came as PM Shehbaz met with State Minister and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib in Lahore, according to a handout by the Prime Minister’s Office (PMO).

“PM Shehbaz directed that an effective regulatory system for virtual assets in line with international standards should be fully operationalised as soon as possible to promote the digital economy in Pakistan and enhance investor confidence,” the handout said.

During the meeting, the prime minister said that special measures should be taken to provide training to the youth in modern technologies, particularly in the fields of artificial intelligence and digital finance, so that the country’s workforce can be aligned with future requirements.

Saqib also briefed PM Shehbaz on the PVARA’s transition into an operational regulator and the launch of a regulatory sandbox, the statement said.

The premier was told that innovation was being introduced in areas such as AI-powered payments and regulated virtual asset services, the handout stated. He was also told that work was underway to prepare national institutions, the workforce, and the regulatory framework for the next wave of economic transformation, it added.

Earlier this month, the State Bank of Pakistan (SBP) had announced a significant policy change, legalising and encouraging the use of virtual assets through the enactment of the Virtual Assets Act 2026. Under the Act, PVARA is the statutory authority responsible for the licensing, regulation, supervision and oversight of virtual asset activities in Pakistan.

On Monday, the authority also stated that any agreement or pilot announced involving virtual assets required prior authorisation.