Tokenised bonds for expats in the works
“Pakistan has transitioned from restricting virtual assets to establishing a dedicated regulatory framework, positioning the country for the next generation of digital finance, Chairman Pakistan Virtua…”
Addressing the inaugural Silk Road Finance & Technology Forum in Tashkent, Saqib outlined how artificial intelligence, tokenisation and digital assets are beginning to reshape financial institutions, capital markets and the global movement of value. He argued that governments must build regulatory institutions capable of keeping pace with technologies developing far faster than traditional policy cycles.
Saqib noted that Pakistan's 2018 restrictions on virtual assets did not eliminate market activity but pushed significant activity toward offshore platforms, reducing regulatory visibility and leaving consumers with limited protection. Pakistan has since enacted the Virtual Assets Act, 2026, establishing PVARA as the country's dedicated virtual assets regulator.
The authority has notified its licensing regulations and opened its licensing portal, creating a formal pathway for virtual asset service providers to operate within a regulated environment. He also highlighted the State Bank of Pakistan's (SBP) Circular 10, which enables regulated banks to provide accounts to licensed virtual asset service providers, including segregated client-money accounts.
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Saqib said artificial intelligence will increasingly change not only financial products but the institutions responsible for supervising them. As financial markets become faster and more automated, regulators will need to use technology to strengthen supervision, compliance and risk detection.
He outlined Pakistan's interest in applying tokenisation to sovereign investment products, particularly to improve access for the Pakistani diaspora. PVARA and the SBP are studying a model for a digitally native sovereign note that could be issued on regulated blockchain infrastructure, settle on the same day and remain interoperable with Pakistan's existing financial system.
Such a model could reduce investment ticket sizes, shorten settlement times and increase transparency around securities ownership. Saqib also emphasised that Pakistan's young population should move from being consumers of emerging technologies to becoming builders of the companies and financial infrastructure created around them.
PVARA's regulatory sandbox provides developers and entrepreneurs with a supervised environment to test new products before entering the wider market.
Written by Sajal Ali
Aman-e-Pakistan Senior Journalist & Bureau Reporter
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