Pakistan has established a complete regulatory framework for virtual assets in less than six months while spending just 8 percent of its approved budget, according to Minister of State and Pakistan Virtual Assets Regulatory Authority Chairman Bilal Bin Saqib.
Speaking at Bitcoin Asia in Hong Kong, Saqib said the authority had returned the remaining 92 percent of its approved budget to the national treasury after completing the regulatory framework.
The framework provides a formal regulatory pathway for digital asset companies operating in Pakistan and covers activities including exchanges, custody, brokerage and asset management.
Saqib said the framework also includes measures covering anti money laundering, countering the financing of terrorism, protection of customer assets and cybersecurity.
He said the government should measure success by outcomes rather than spending, adding that Pakistan had chosen a model based on smaller teams and technology instead of building a large bureaucracy.
Saqib said the rapid pace of technological development required governments to adapt quickly. He said Pakistan’s approach showed that regulatory structures and speed of implementation needed to move together as the digital asset sector continues to evolve.
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