Pakistan has enacted its Virtual Assets Act, establishing a comprehensive legal framework for virtual assets after nearly a decade of prohibition. Special Assistant to the Prime Minister Bilal Bin Saqib invited foreign companies to obtain licenses and build within the country's new regulatory structure.
Pakistan's embrace of virtual assets and the establishment of a clear regulatory framework could attract foreign investment and foster innovation in its digital economy, potentially positioning the country as a hub for crypto-related businesses in the region.
Pakistan has officially moved to regulate virtual assets with the notification of its Virtual Assets Act and associated licensing regulations, ending a near decade-long ban. Bilal Bin Saqib, the special assistant to the prime minister on blockchain and cryptocurrency, announced the framework, inviting foreign businesses to obtain licenses and establish operations in the country.
The Virtual Assets Act establishes Pakistan's first comprehensive legal structure for overseeing virtual assets and related businesses. Bin Saqib stated that the previous approach of complete prohibition was unsustainable, emphasizing that technology does not wait for permission. He extended an open invitation to companies, urging them to "get licensed. Get banked. Come, build here under rules that are clear, public and enforceable."
According to Bin Saqib, the new regulations are designed to integrate virtual assets into the formal economy, enhance consumer protection, and lay the groundwork for the next generation of financial infrastructure. The Act was previously approved by the Senate and signed into law by President Asif Ali Zardari.
This regulatory pivot follows earlier initiatives, including plans announced in 2025 to launch a national strategic Bitcoin reserve and an initiative to allocate 2,000 MW of surplus electricity to Bitcoin mining and AI data centers. These efforts are aimed at generating revenue, creating jobs, and attracting foreign investment.