Bilal bin Saqib’s decision to step down as the Prime Minister’s aide marks an important transition in Pakistan’s journey toward structured virtual-asset regulation. His resignation was not due to political disagreement or performance concerns, but rather a technical and legal requirement linked to his appointment as head of the newly established Pakistan Virtual Assets Regulatory Authority (PVARA).
Under the Rules of Business 1973, a government adviser or Special Assistant to the Prime Minister (SAPM) cannot simultaneously occupy a leadership role in a statutory regulatory authority. With Saqib taking charge of PVARA, the conflict needed to be resolved—leading to his resignation being formally accepted.
A Significant Step for Pakistan’s Crypto Ecosystem
The appointment of Saqib as chairman of PVARA signals that Pakistan is now moving beyond informal policy discussions and into full regulatory implementation.
For years, Pakistan’s crypto environment has been caught between uncertainty and regulatory hesitation. Digital assets were often discouraged by state institutions due to concerns about money laundering, fraud, and unregulated exchanges.
The creation of PVARA—along with Saqib’s leadership—marks the beginning of a more structured, compliance-driven approach.
Key goals of PVARA include:
Licensing and monitoring Virtual Asset Service Providers (VASPs)
Enforcing anti-money laundering (AML) and Know Your Customer (KYC) standards
Protecting consumers from scams and illicit activity
Encouraging safe innovation within fintech and blockchain sectors
Aligning Pakistan with global regulations such as FATF guidelines
Industry Reaction
The reaction from Pakistan’s tech and fintech communities has been largely positive.
Experts say that separating advisory and regulatory functions will create:
Clearer decision-making
Better accountability
Greater investor confidence
Stronger consumer protections
Many believe Saqib’s international experience and his work with the Pakistan Crypto Council (PCC) give him the right background to lead PVARA effectively.
However, some stakeholders remain cautious. They point out that:
Regulations must be practical, not restrictive
Innovation should not be slowed down
Small crypto businesses should receive support, not excessive hurdles
Still, the majority view is that Pakistan finally has a pathway to safe, transparent crypto adoption.
What This Means for Crypto Users in Pakistan
For everyday crypto users, traders, and blockchain startups, the transition is likely to bring:
1. More clarity
Users will finally know what is allowed, restricted, or regulated.
2. Safer exchanges
Only licensed and compliant platforms will be permitted to operate.
3. Reduced scams
Regulated oversight should help protect inexperienced users.
4. Possible taxation framework
Governments generally introduce taxes once the regulatory system is in place.
5. Gradual mainstream acceptance
Banks, fintech companies, and institutions may become more open to blockchain partnerships once legal certainty is established.
Bilal bin Saqib’s Future Role
Even though he stepped down as PM’s aide, Saqib will continue to influence the nation’s digital-asset landscape in a major way. His role as chairman of PVARA is:
Pro bono
Three-year term
Focused entirely on réglementation, compliance, and structural reform
This puts him at the centre of shaping Pakistan’s official crypto roadmap.
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