Top visits signal Pakistan understands risks, opportunities of digital: Bilal Bin Saqib

LONDON: Pakistan’s rapid push to regulate virtual assets is emerging as one of the fastest moving reforms in the global digital financial landscape, positioning the country as a serious and credible participant in the next phase of financial innovation, said Pakistan Virtual Asset Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.

Speaking in an interview in London, Bilal said Pakistan has moved decisively to bring structure, oversight and legitimacy to a sector that has long operated without a formal framework despite its scale and widespread adoption.

He cited recent visits to Pakistan by Steve Witkoff, representatives of World Liberty Financial, Binance founder Changpeng Zhao and TRON founder Justin Sun as evidence of the global community’s receptivity to Pakistan’s efforts to modernize its digital financial ecosystem.

“These engagements are not symbolic,” he said. “They signal that Pakistan is now being taken seriously as a jurisdiction that understands both the risks and opportunities of digital assets.”

Bilal, who previously advised an international crypto firm linked to the Trump administration, World Liberty Financial, while based in London, said his experience working with global institutions was instrumental in projecting Pakistan as a credible and forward-looking market.

Bilal pointed to Pakistan’s fundamentals, including its young, tech-savvy population and large user base, as reasons why regulatory clarity has become a strategic necessity rather than a choice.

“For years, this market existed without rules,” he said. “The real risk was doing nothing. Now we’re building safeguards, systems and institutions at speed.”

He also clarified that his role at PVARA is entirely pro bono. “This is about developing national capabilities,” he said. “Pakistan’s youth should not be restricted to low-value roles in the global digital economies. We must enable them to build, innovate and create value from within Pakistan.”

According to Bilal, Pakistan already ranks among the largest crypto markets globally, a reality that underscores the urgency of regulation. PVARA’s mandate, he explained, is to turn scale into credibility by aligning domestic oversight with international standards for anti-money laundering, consumer protection and market integrity.

“PVARA represents the first comprehensive effort to bring order to a space that had grown faster than the state’s ability to respond,” he said. “For now, we license exchanges with a risk-based approach that protects users while enabling responsible innovation.”

He said governance in rapidly evolving digital markets must evolve alongside technology, including artificial intelligence. PVARA, he explained, is structured to systematically use artificial intelligence in licensing, supervision and market surveillance, ensuring that regulatory processes move at the speed of innovation.

He added that Pakistan issued its first no-objection certificates to crypto exchanges in less than five months, a process that took nearly two years in many comparable jurisdictions. “Speed ​​matters,” he said. “Capital, talent and platforms are moving fast. Regulations need to be able to keep up.”

Reflecting on his personal journey, Bilal said his approach to policy-making and strategy was shaped by his years in the UK, where he worked as a consultant.

Bilal is a graduate of the London School of Economics, where he was awarded the Most Commended Graduate Student of the Year. During his Masters in Social Innovation and Entrepreneurship at LSE, he also served as a Sabbatical Officer.

During the Covid-19 lockdown, he led the One Million Meals campaign to support frontline workers, an effort that earned him national recognition in the UK, including a Points of Light award and a Member of the Order of the British Empire (MBE). Bilal was also named to the Forbes 30 under 30 list for his contributions to entrepreneurship and innovation.

When asked about political ambitions, Bilal said his focus remains firmly on building systems rather than holding office. “I work on creating contexts that outlast individuals,” he said. “Once the institutions work, you move on and build the next one.”

He concluded by saying that Pakistan’s digital asset reforms are still in their early stages, but the direction is clear. “This is about protecting the future of the country,” he said. “We’re laying foundations, not chasing headlines.”