ISLAMABAD: Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib announced that cryptocurrency mining operations are set to start in the country within the next few weeks.
In an interview with a media outlet, Saqib said that mining hardware can be installed directly at power plants to utilise surplus electricity.
He stated that the initial phase of crypto mining will be rolled out soon, with public concerns to be addressed later. According to Saqib, this initiative will allow Pakistan to transform excess power into dollar-based revenue, improving the nation’s economic prospects.
Saqib referenced a 2025 analytical report placing Pakistan third globally in cryptocurrency-related activity. He recalled the State Bank of Pakistan’s 2018 directives to banks on cryptocurrency transactions, attributing past restrictions to the absence of a legal framework for digital assets.
This gap, he said, led to the creation of a dedicated regulatory body. PVARA is now advancing a licensing system for cryptocurrency activities.
Comparing cryptocurrencies to technologies like robotics and quantum computing, which were regulated over time rather than banned outright, Saqib emphasised a similar gradual regulatory strategy.
He added that PVARA is developing blockchain regulations tied to cryptocurrencies, cautioning that inaction could heighten the risk of Pakistan re-entering the Financial Action Task Force (FATF) grey list.
Saqib attributed the growing cryptocurrency trend in Pakistan primarily to the youth, who are gearing up for future technologies, and urged the government’s role in fostering opportunities for them.
Pointing to Singapore’s government-backed security token pilot as an example, he suggested Pakistan could similarly tap capital markets for funding, reducing dependence on institutions like the IMF.
Bilal bin Saqib’s resignation
Prime Minister (PM) Shehbaz Sharif earlier accepted the resignation of Bilal bin Saqib from the post of Special Assistant to the Prime Minister.
As per details, after the Prime Minister’s approval, the resignation will take effect from August 21, 2025.
Despite resignation from the SAPM role, Bilal will continue serving the federal government in an important role. He has been retained as the chairman of the Pakistan Virtual Assets Regulatory Authority (VARA), where he will hold a three-year term.
According to official information, Bilal bin Saqib has also been granted the rank equivalent to a Minister of State, reflecting the importance the government places on the development and regulation of Pakistan’s virtual asset and digital finance ecosystem.
The continuation of his leadership at VARA is expected to support Pakistan’s ongoing efforts to build a secure, modern, and forward-looking regulatory framework for emerging digital assets.
Also read: Pakistan’s Crypto Minister Bilal named in WSJ global crypto power players
