Pakistan’s virtual assets’ chief joins WEF committee as crypto rules take shape

Pakistan Minister for Finance and Revenue, Muhammad Aurangzeb speaking with Bilal Bin Saqib, chairman of the Pakistan Virtual Asset Regulatory Authority upon the minister's visit to the authority in Islamabad, Pakistan, on November 20, 2025. (Finance Ministry)
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Updated 20 November 2025
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Pakistan’s virtual assets’ chief joins WEF committee as crypto rules take shape

  • Pakistan moves toward first regulatory framework for virtual assets as government accelerates work on licensing, oversight, consumer safeguards
  • New bodies such as Crypto Council, virtual assets authority mark Islamabad’s shift from legal grey zone to structured regulation of digital assets

KARACHI: Pakistan has secured a seat in global rule-making on cryptocurrencies and blockchain governance after Bilal Bin Saqib, chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA), joined the World Economic Forum’s Steering Committee on Digital Asset Regulations, the finance ministry said on Thursday.

The announcement comes as Pakistan works on its first regulatory framework for virtual assets, a sector the government says requires clear oversight to protect consumers, support financial stability and keep pace with international standards. 

Saqib’s inclusion in the WEF steering body signals Pakistan’s entry into high-level global discussions at a time when major economies are formalizing rules for cryptocurrencies and tokenized assets.

“A notable development for Pakistan’s global positioning in the virtual assets space is that the Chairman of PVARA is now part of the World Economic Forum’s Steering Committee on Digital Asset Regulations,” the finance ministry said.

“This participation strengthens Pakistan’s presence in international policy discussions and signals growing recognition of the country’s role in shaping the global conversation on digital asset governance.”

The statement followed Finance Minister Muhammad Aurangzeb’s first official visit to Pakistan’s virtual asset regulatory authority, where he received a briefing on ongoing consultations with domestic and international stakeholders and the development of phased regulatory guidelines. 

Officials said the framework aims to ensure transparency, consumer protection and alignment with global best practices.

“This is an important national mandate, and we are building it from the ground up with a Pakistan-first approach,” Saqib, 34, was quoted as saying in a finance ministry statement.

“The Authority is fully committed to responsible innovation, strong safeguards, and regulatory clarity. The Minister’s guidance and support will accelerate our work and help position Pakistan responsibly in the evolving digital economy.”

In March 2025, Pakistan established the Pakistan Crypto Council (PCC) under the Federal Finance Ministry to set policy and promote blockchain and digital assets. In July, the government formalized PVARA via the Virtual Assets Ordinance to license and regulate virtual-asset service providers. 

Saqib also unveiled the country’s first government-led strategic bitcoin reserve at Bitcoin Vegas 2025 this May.

Until now, Pakistan’s crypto space existed in a legal grey zone: while the State Bank of Pakistan has declared cryptocurrency transactions illegal, millions of citizens, including freelancers, are estimated to use trading platforms and peer-to-peer exchanges. The creation of the PCC and PVARA signals Islamabad is shifting toward regulation, balancing innovation with concerns about money-laundering and financial stability.


Tens of thousands flee northwest Pakistan over fears of military operation

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Tens of thousands flee northwest Pakistan over fears of military operation

  • More than 70,000 people, mostly women and children, have fled remote Tirah region bordering Afghanistan 
  • Government says no military operation underway or planned in Tirah, a town in Khyber Pakhtunkhwa province

BARA, Pakistan: More than 70,000 people, mostly women and children, have fled a remote region in northwestern Pakistan bordering Afghanistan over uncertainty of a military operation against the Pakistani Taliban, residents and officials said Tuesday.

Pakistan’s Defense Minister Khawaja Mohammad Asif has denied the claim by residents and provincial authorities. He said no military operation was underway or planned in Tirah, a town in Khyber Pakhtunkhwa province.

Speaking at a news conference in Islamabad, he said harsh weather, rather than military action, was driving the migration. His comments came weeks after residents started fleeing Tirah over fears of a possible army operation.

The exodus began a month after mosque loudspeakers urged residents to leave Tirah by Jan. 23 to avoid potential fighting. Last August, Pakistan launched a military operation against Pakistani Taliban in the Bajau r district in the northwest, displacing hundreds of thousands of people.

Shafi Jan, a spokesman for the provincial government in Khyber Pakhtunkhwa, posted on X that he held the federal government responsible for the ordeal of the displaced people, saying authorities in Islamabad were retracting their earlier position about the military operation.

Khyber Pakhtunkhwa Chief Minister Suhail Afridi, whose party is led by imprisoned former Prime Minister Imran Khan, has criticized the military and said his government will not allow troops to launch a full-scale operation in Tirah.

The military says it will continue intelligence-based operations against Pakistani Taliban, who are known as Tehrik-e-Taliban Pakistan, or TTP. Though a separate group, it has been emboldened since the Afghan

Taliban returned to power in 2021. Authorities say many TTP leaders and fighters have found sanctuary in Afghanistan and that hundreds of them have crossed into Tirah, often using residents as human shields when militant hideouts are raided.

Caught in the middle are the residents of Tirah, who continued arriving in Bara.

So far, local authorities have registered roughly 10,000 families — about 70,000 people — from Tirah, which has a population of around 150,000, said Talha Rafiq Alam, a local government administrator overseeing the relief effort. He said the registration deadline, originally set for Jan. 23, has been extended to Feb. 5.

He said the displaced would be able to return once the law-and-order situation improves.

Among those arriving in Bara and nearby towns was 35-year-old Zar Badshah, who said he left with his wife and four children after the authorities ordered an evacuation. He said mortar shells had exploded in villages in recent weeks, killing a woman and wounding four children in his village. “Community elders told us to leave. They instructed us to evacuate to safer places,” he said.

At a government school in Bara, hundreds of displaced lined up outside registration centers, waiting to be enrolled to receive government assistance. Many complained the process was slow.

Narendra Singh, 27, said members of the minority Sikh community also fled Tirah after food shortages worsened, exacerbated by heavy snowfall and uncertain security.

“There was a severe shortage of food items in Tirah, and that forced us to leave,” he said.

Tirah gained national attention in September, after an explosion at a compound allegedly used to store bomb-making materials killed at least 24 people. Authorities said most of the dead were militants linked to the TTP, though local leaders disputed that account, saying civilians, including women and children, were among the dead.