Pakistan’s Crypto Pitch: “Come Build Here” as Virtual Assets Act Moves Forward

Pakistan has announced a new regulatory framework for crypto after banning the asset class for close to a decade, 

Announcing the news in an X post Friday, Bilal Bin Saqib, the special assistant to the prime minister on blockchain and cryptocurrency, invited foreign businesses to come to the country and set up shop.  

Pakistan’s Virtual Assets Act introduces the country’s first comprehensive legal framework for overseeing virtual assets and the businesses that operate in this space. 

“For approximately a decade, Pakistan’s answer to virtual assets was complete permission and complete ban — but history tells us that technology never waits for permission,” Bin Saqib said. 

He added: “To the companies watching Pakistan from outside, the front door is open for you. Come, get licensed. Come, get banked. Come, build here under rules that are clear, public and enforceable.” 

In a separate post, Bin Saqib said that the country now has “the rules, the regulator and the licensing framework to bring virtual assets into the formal economy, protect consumers and build the foundation for the next generation of financial infrastructure.”

Pakistan’s virtual Assets Act was approved by the senate earlier this year and then signed into law by President Asif Ali Zardari. Friday’s announcement indicates that licensing regulations are now in place.