Pakistan said it is pressing ahead with plans to regulate digital assets after senior officials met a delegation from cryptocurrency exchange Binance led by global CEO Richard Teng, as the South Asian nation tries to bring oversight to one of the world’s most active retail crypto markets.
Pakistan’s Prime Minister Shehbaz Sharif and Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir attended the meeting, according to local media reports and a government statement. Pakistan Virtual Assets Regulatory Authority (PVARA) chairman Bilal Bin Saqib also participated and briefed the Binance delegation on Pakistan’s regulatory plans, the reports said.
The Prime Minister’s Office said Pakistan aimed to build a “transparent and secure” framework for digital assets that supports innovation while safeguarding investors, as officials work on a national digital asset framework.
The engagement follows a broader push this year to formalise oversight of crypto-related activity, including steps to set up dedicated digital-assets regulators and clarify rules for exchanges and service providers.
Saqib has also said Pakistan is working on a sovereign stablecoin and exploring a central bank digital currency (CBDC), as officials pitch digital finance as a channel for investment and financial inclusion.
Pakistan’s policy shift comes amid continued high grassroots usage. Chainalysis has ranked Pakistan among the top countries globally for crypto adoption, driven by retail activity and centralized exchange usage.
The State Bank of Pakistan has previously warned regulated entities about dealing in virtual assets in the absence of a legal and regulatory framework, but officials have recently signalled work is under way with other government bodies to shape rules.
Pakistan’s outreach to Binance and its push for new regulators signal a bid to channel a large, youth-driven crypto market into a supervised, and potentially taxable, financial system, while keeping pace with regional rivals that have clearer rulebooks.
But credibility will hinge on enforceable anti-money-laundering controls and consumer protections in a market prone to scams and sharp volatility, and on aligning the central bank’s cautious stance with the government’s pro-innovation messaging.