Islamabad: (RightNow) Pakistan has introduced a new regulatory system to promote the digital economy and protect virtual assets. This system is designed for the licensing of virtual assets in the country.

Bilal Bin Saqib, Chairman of the Pakistan Virtual Asset Regulatory Authority, stated that Pakistan has completed the formation of the virtual assets licensing system in 6 months. He mentioned that current operators can apply for licenses by September 5.

Under the Virtual Assets Act 2026, 10 categories have been introduced, including exchange, broker-dealer, advisory, lending, and mining. He said a legal platform has been created to secure the assets of millions of Pakistanis.

Bilal Bin Saqib noted that this system also offers opportunities for foreign companies. Pakistan is among the first three countries in the world to adopt cryptocurrency. A complete legal framework has been established under this regulatory system.

It is noteworthy that cryptocurrency already exists in Pakistan, but it will now be formally regulated. This system has been developed more rapidly compared to other countries.