Prime Minister Shahbaz Sharif on Friday directed that an effective regulatory system for virtual assets in line with international standards should be operationalised as soon as possible

The remarks came as Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal bin Saqib called on the prime minister.

The prime minister directed that, in order to promote Pakistan’s digital economy and increase investor confidence, an effective and internationally aligned regulatory system for the virtual assets sector should be made fully operational at the earliest.

He said that special measures should be taken to provide training to youth in modern technologies, especially artificial intelligence and digital finance, so that the country’s workforce can be aligned with future requirements.

Bilal bin Saqib briefed the prime minister on the operational transition of the Pakistan Virtual Assets Regulatory Authority into a regulator, as well as the inauguration of the regulatory sandbox.

The briefing stated that innovation is being introduced in areas such as AI-powered payments and regulated virtual asset services.

It further added that work was ongoing to prepare national institutions, the workforce, and the regulatory framework for the next wave of economic transformation.