Pakistan takes virtual assets debate to Harvard

September 30, 2026 (MLN): Pakistan’s virtual assets regulator has highlighted cross-border payments, digital financial assets and Shariah-compliant financial frameworks as potential areas for collaboration between technology, finance and Islamic scholarship.

Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib participated in a keynote conversation at the Harvard Islamic Finance Conference focused on blockchain and Islamic finance.

The session examined how digital assets and emerging technologies could interact with Shariah-compliant financial structures.

Bilal Bin Saqib discussed the distinction between adopting technology and developing the skills, institutions and regulatory capacity required to use it responsibly.

The discussion covered potential applications of emerging technologies in cross-border payments, business financing and digital representations of financial assets.

The session also considered the role of universities, financial institutions, entrepreneurs and qualified Shariah scholars in developing practical applications for emerging financial technologies.

Bilal Bin Saqib highlighted Pakistan’s Virtual Assets Act, 2026, which provides the statutory framework for the Pakistan Virtual Assets Regulatory Authority’s licensing and supervisory functions.

The authority’s regulatory pathways include applications relating to regulatory sandbox participation, no-objection certificates and licences.

Bilal Bin Saqib also emphasized that establishing a regulatory framework is only the first step, followed by supervision, consumer protection and institutional capacity building.

For the Islamic finance sector, the discussion focused on how regulatory oversight and Shariah expertise could contribute to the development of virtual-asset products while maintaining distinct institutional responsibilities.

The conference also discussed practical collaboration among Muslim societies through joint research, multidisciplinary teams and supervised testing of financial technologies.

The development comes as digital assets and blockchain technology increasingly intersect with financial regulation, payments infrastructure and alternative forms of digital finance.

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