Tashkent: (RightNow) Chairman of PIVARA, Bilal Bin Saqib, announces Pakistan’s decision to lift the ban on virtual assets and adopt a regulated oversight system.

At the Silk Road Finance and Technology Forum, Bilal Bin Saqib stated that governments must develop regulatory institutional capacity in line with modern technology.

Bilal Bin Saqib further explained that there are vast opportunities for the development of digital financial infrastructure in Pakistan, and an effective regulatory system will create new investment opportunities.

It is noteworthy that due to the 2018 restrictions, virtual asset activities had shifted to offshore platforms and peer-to-peer channels, making regulation necessary.

Bilal Bin Saqib mentioned that PIVARA has implemented licensing regulations for virtual asset service providers, and Pakistan is reviewing the tokenization of sovereign debts.