Pakistan has created a complete set of rules for virtual assets (digital assets) in less than six months, while using only 8% 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 returned the remaining 92% of its budget to the national treasury after completing the rules.
The new framework gives digital asset companies a clear legal path to operate in Pakistan. It covers services such as crypto exchanges, asset custody, brokerage and asset management.
The rules also include measures for preventing money laundering, stopping terrorist financing, protecting customer assets and improving cybersecurity.
Saqib said the government should focus on results instead of how much money is spent. He added that Pakistan chose to use smaller teams and technology instead of creating a large bureaucracy.
He also said that because technology is developing quickly, governments need to adapt faster. Pakistan’s approach, he explained, aims to keep regulation and technology moving at the same pace.