Pakistan shows intent to regulate digital assets in meeting with Binance leadership

ISLAMABAD: Pakistan has underscored its strong commitment to regulating digital assets during high-level meetings with the leadership of Binance, one of the world’s largest cryptocurrency exchanges, officials said on Saturday.

A delegation from Binance, headed by CEO Richard Teng, visited Islamabad and held discussions with Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, and senior banking officials over the past week.

The government is actively working to bring virtual asset service providers (VASPs) under a formal licensing framework. Authorities say the move aims to curb illicit financial activities, enhance oversight, and foster innovation in blockchain-based financial services.

“The Binance delegation’s visit reflects the government’s strong resolve to regulate the digital asset sector,” the Prime Minister’s Office said.

During the visit, Teng and his team also met with Chief of Army Staff and Chief of Defense Forces, Field Marshal Syed Asim Munir, where PVARA Chairman Saqib briefed them on regulatory initiatives.

Analysts note that Pakistan’s efforts to formalize its cryptocurrency market could help bring an estimated $25 billion in virtual assets into the country’s tax and regulatory framework. In September, Islamabad invited international crypto exchanges and VASPs to apply for licenses, signaling its intention to create a structured and transparent digital asset ecosystem.