Pakistan takes virtual assets debate to Harvard

Bilal Bin Saqib, Minister of State and chairman of the Pakistan Virtual Assets Regulatory Authority, spoke at a keynote session of the Harvard Islamic Finance Conference, according to Mettis Link News. The discussion centred on blockchain and Islamic finance, examining how digital assets and new technologies could fit within Shariah-compliant structures. Cross-border payments, digital financial assets and Shariah-compliant frameworks were flagged as possible areas for joint work among technology, finance and Islamic scholarship.

He separated simply acquiring technology from building the expertise, institutions and oversight capacity needed for responsible use. He pointed to the Virtual Assets Act, 2026, which provides the legal basis for the authority's licensing and supervisory work. Its routes include sandbox testing, no-objection certificates and licences.

He also stressed that setting up a framework is merely the opening step, after which oversight, consumer safeguards and capacity development must follow. The conference also explored joint research across Muslim societies, with interdisciplinary teams and testing under supervision. The development coincides with digital assets and blockchain moving closer to financial regulation and payment systems.