- September 11, 2026
- Posted by: Tresmark
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Around 70 major global cryptocurrency exchanges have applied for licences to operate in Pakistan as the country moves toward establishing a regulated virtual-asset market, Pakistan Virtual Asset Regulatory Authority (PVARA) Chairman Bilal Bin Saqib said.
Speaking at a press briefing, Saqib said Pakistan has made rapid progress in moving from a restrictive approach toward legalisation and regulation of virtual assets, with PVARA becoming fully operational around six months after the relevant legislation was passed.
PVARA is also exploring the tokenisation of government debt and Roshan Digital Accounts (RDAs) as part of future digital-asset initiatives. The authority is developing a Shariah advisory framework to provide guidance on transactions involving virtual assets.
Stablecoin-Based Remittance System
PVARA and the State Bank of Pakistan (SBP) are working on a proposed mechanism aimed at reducing the cost of remittances from 6.3% to around 1%.
Under the proposed model, overseas Pakistanis would send funds in their local currency, which would be converted into a stablecoin and transferred to recipients in Pakistan. PVARA estimates the system could save around $416 million on annual remittance flows of approximately $41 billion by reducing intermediary costs and enabling faster transfers.
A regulatory sandbox would be established before stablecoins are deployed for remittance transactions.
Regulatory and Compliance Focus
Saqib acknowledged that ensuring compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) requirements under the FATF framework remains a key challenge.
PVARA is also pursuing international regulatory cooperation, including proposed memoranda of understanding with Kazakhstan and Kyrgyzstan, to facilitate cross-border oversight of digital assets.
According to Saqib, Pakistan has moved relatively quickly in establishing its virtual-asset regulatory framework, with PVARA becoming operational in around six months after legislation, compared with longer timelines cited for Dubai, Singapore and the UK.
