ISLAMABAD: Riyadh will “soon” release a large number of Pakistanis languishing in prisons across Saudi Arabia, the country’s top envoy to Pakistan has said, fulfilling a commitment made by Crown Prince Mohammed bin Salman during a high-profile visit to Islamabad earlier this year.
Pakistan announced in February that Crown Prince Salman had ordered the release of about 2,100 Pakistani prisoners from the Kingdom’s jails during a high-profile visit to Pakistan.
“Soon you will see the return of the [Pakistani] prisoners,” Saudi ambassador to Pakistan Nawaf bin Said Al-Malki told Arab News on Friday, adding that while some prisoners “are going to be released immediately, some are under process.”
In April, Pakistani Foreign Minister Shah Mahmood Qureshi had said 3,400 Pakistanis were currently imprisoned in Saudi jails according to an official count received from Saudi authorities. He said Pakistan’s diplomatic mission in the Kingdom was working with Saudi officials for the release of 2,107 prisoners as ordered by the crown prince.
The fate of thousands of Pakistani workers locked up in jails across the Middle East is a sensitive issue in Pakistan, where there is a perception that the prisoners are mostly poor laborers who have no real legal recourse.
Huge numbers of Pakistanis travel to Saudi Arabia and to various countries across the Middle East every year, with several working on construction sites or as domestic helpers. The remittances they send back are vital for Pakistan’s dollar-starved economy.
Riyadh to release Pakistani prisoners soon: Saudi envoy
Riyadh to release Pakistani prisoners soon: Saudi envoy
- “Some prisoners are going to be released immediately, some are under process,” Al Malki says
- Kingdom to free more than 2,100 inmates as announced by Crown Prince Salman during Pakistan visit
Pakistan launches crypto testing framework to regulate digital assets
- Regulatory ‘sandbox’ to let firms test crypto products under supervision
- Move comes amid broader push to formalize Pakistan’s digital asset sector
ISLAMABAD: Pakistan’s Virtual Assets Regulatory Authority (PVARA) on Friday launched a crypto testing framework to regulate digital assets, allowing firms to trial new products and services under official supervision.
The initiative, formally structured as a regulatory “sandbox,” creates a controlled environment where companies can test crypto-related services under the oversight of the regulator before full-scale approval.
According to PVARA, the sandbox will support real-world use cases including tokenization, stablecoins, remittances and on- and off-ramp infrastructure.
Tokenization refers to converting real-world assets into digital tokens on a blockchain, while stablecoins are cryptocurrencies pegged to a fiat currency to maintain a stable value. On- and off-ramp infrastructure allows users to convert between fiat money and digital assets, enabling the practical use of virtual asset products.
“The Pakistan Virtual Assets Regulatory Authority has formally approved and launched its Regulatory Sandbox for virtual assets,” PVARA said in a post on X. “Sandbox Guidelines and the application process will be published shortly on our website.”
The move comes as the government seeks to build a formal regulatory framework for digital assets while attracting investment and strengthening oversight of the sector.
Pakistan has stepped up efforts recently to regulate its digital asset sector and is exploring digital currency initiatives as part of broader measures to reduce cash usage.
In January, Pakistan signed a memorandum of understanding with a company affiliated with World Liberty Financial, a crypto-based finance platform launched in September 2024 and linked to US President Donald Trump’s family to explore the use of a dollar-linked stablecoin for cross-border payments.
