Pakistan Accelerates Digital Asset Framework as SBP Engages PVARA

Pakistan’s push toward a regulated digital asset ecosystem is gaining momentum. The State Bank of Pakistan (SBP) has held talks with the Pakistan Virtual Assets Regulatory Authority (PVARA) to discuss digital asset adoption, a central bank digital currency (CBDC) pilot, and the country’s regulatory roadmap.

Following the promulgation of the Pakistan Virtual Assets Ordinance 2025, PVARA has been established to license and oversee virtual assets and service providers. Progress is also visible on the global front: Pakistan’s Ministry of Finance has signed an MoU with Binance to explore tokenisation initiatives, including up to $2 billion in state-owned assets. Potential use cases include blockchain-based issuance of sovereign bonds, treasury bills, and commodity reserves.

PVARA has issued preliminary no-objection certificates to Binance and HTX, allowing them to begin local licensing processes (without operational approval yet). Industry leaders see these steps as strong signals of Pakistan’s reform trajectory and growing role in the global blockchain economy.

Pakistan is estimated to be among the world’s largest crypto markets by retail activity, with around 40 million users and annual trading volumes exceeding $300 billion. Meanwhile, SBP has reiterated plans to launch a digital currency pilot as part of broader financial modernization.

On the macro side, SBP’s foreign exchange reserves rose to $15.9 billion after receiving $1.2 billion from the IMF, providing added stability as reforms advance.

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