Islamabad (Commerce Desk): Pakistan has introduced a formal regulatory framework for the promotion of the digital economy and the protection of virtual assets. The Pakistan Virtual Assets Regulatory Authority has issued licensing regulations and activated an online portal.
Existing virtual asset operators in the country can submit applications for licenses until September 5. Under the new regulations, license categories have been established for 10 different sectors, including exchanges, broker-dealers, advisory services, lending and borrowing, and mining.
According to Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib, the new system will protect the virtual assets of millions of Pakistanis, while licensed entities will be able to connect with the banking system. He said the legal framework has also created new investment opportunities for foreign companies.