Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib said on Sunday the government was not seeking to control crypto but to regulate it.
Addressing a press conference in Islamabad, Bilal bin Saqib said Pakistan ranked among the world’s first three crypto-adopting countries. He said 30 to 40 million Pakistanis used digital assets, adding that potential had no value without a legal and organised pathway.
He said the new framework had immediately curtailed money laundering and the financing of terrorismm, adding that, for the first time in history, a regulated, transparent and international-standard route had been opened for global exchanges.
Bilal bin Saqib said terrorist financing and anti-money laundering risks had been brought under control, and that licences would be issued only to institutions complying with Pakistani law and the regulated framework.
