Tokenised bonds for expats in the works

Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), told the inaugural Silk Road Finance and Technology Forum in Tashkent on Tuesday that Pakistan is shifting away from restrictions toward formal oversight of digital assets. According to The Express Tribune, he framed this as a step toward the next phase of digital finance. He argued that regulators need institutions able to keep up with technologies that evolve far faster than policy cycles.

Saqib said the 2018 curbs had not stopped trading but pushed much of it to offshore platforms, weakening oversight and leaving consumers exposed. The Virtual Assets Act, 2026 has since been passed, naming PVARA as the dedicated regulator, and the authority has issued licensing rules and opened an online portal for applicants. Under SBP Circular 10, regulated banks can now hold accounts for licensed providers, with client funds kept in segregated accounts.

On tokenisation, Saqib said PVARA and the SBP are examining a digitally native sovereign note that could run on regulated blockchain infrastructure, settle the same day and work alongside the existing financial system. The aim, as described, is to lower minimum investment amounts, speed up settlement and make ownership easier to trace, with overseas Pakistanis in mind. He also said the regulatory sandbox lets developers test new products under supervision before a wider launch.