Pakistan has moved a step closer to establishing a comprehensive regulatory framework for virtual assets after the Pakistan Virtual Assets Regulatory Authority agreed to accelerate preparations for a licensing system for virtual asset service providers.
According to the 24NewsHD TV channel, the meeting was chaired by the Authority's Chairman, Bilal Bin Saqib, and focused on developing an effective, transparent and internationally recognised regulatory system for the country's growing virtual assets sector.
Senior officials attending the meeting included the Governor of the State Bank of Pakistan, the Secretary of Finance, the Chairman of the Securities and Exchange Commission of Pakistan (SECP) and other senior government representatives.
Participants carried out a detailed review of progress on the proposed regulatory framework for virtual assets and discussed measures required to complete its implementation.
The meeting also examined the Authority's human resources regulations and considered proposals to finalise the licensing regulations.
Officials said the latest discussions have brought Pakistan closer to introducing a fully operational licensing regime for the virtual assets industry, with the aim of promoting transparency, regulatory certainty and compliance with international standards.
Reporter: Waqas Azeem