LAHORE:
Prime Minister Shahbaz Sharif on Friday ordered that an effective regulatory system for virtual assets in line with international standards should be put in place as soon as possible.
The comments came as Minister of State and Chairman of Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal bin Saqib made a call to the Prime Minister.
The Prime Minister directed that to promote Pakistan’s digital economy and boost investor confidence, an effective and internationally aligned regulatory system for the virtual assets sector should be made fully operational as soon as possible.
He said 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 align with future needs.
Bilal bin Saqib briefed the Prime Minister on the operational transition of Pakistan Virtual Asset Regulatory Authority to a regulator as well as the inauguration of the regulatory sandbox.
The report indicated that innovation is being introduced in areas such as AI-powered payments and regulated virtual asset services.
He further added that work was underway to prepare national institutions, the workforce and the regulatory framework for the next wave of economic transformation.
