Page 5 - CMA Journal (Jan-Feb 2026)

From the Desk of

Chief Editor

I am pleased to present the Jan-Feb 2026 issue of the Chartered Management Accountant Journal, themed “Digital Assets,
Blockchain and Tokenization”.
A simple but urgent question drives this edition. Who will shape the digital future? Will it be the regulators drawing the
boundaries, the technologists building the infrastructure, or the finance professionals translating disruption into decisions
for their organizations and clients? The honest answer is all of them. But this is possible only if they learn to speak the same
language. This exclusive issue of CMA Journal brings together the voices shaping that conversation, both in Pakistan and
around the world, and places them in your hands.
This issue puts you in direct conversation with the people defining that future. In exclusive interviews, Mr. Bilal Bin Saqib,
Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) outlines the regulatory architecture taking shape
and what it means for businesses and investors. Mr. Saleem Ullah, Deputy Governor, State Bank of Pakistan (SBP), offers
rare insight into how the central bank balances innovation with monetary stability. From the global stage, Ms. Sandra Ro
of Global Blockchain Business Council and Ms. Izzat Begum B. Rajan, former Chair of the INATBA, share how leading
economies are navigating the very uncertainties we face. These conversations matter because the rules of finance are
being rewritten, and Pakistan must have a seat at the table, not as a follower, but as an active participant.
The Focus Section features nine articles that tackle the questions keeping finance professionals awake. Five contributions
from ICMA members show that our professionals are not watching from the sidelines; they are actively shaping the
conversation. We are honoured to include an exclusive piece by Mr. Monty Munford, the veteran UK technology journalist,
whose global perspective brings clarity to a complex landscape. The Research and Publications (R&P) Department
contributes a rigorous analysis of Global Tokenization Trends and Pathways for Pakistan's Capital Markets. Together, the
section explores cryptocurrency accounting under IFRSs, the regulatory maze around crypto assets in Pakistan, and
blockchain’s potential to solve real-world challenges such as counterfeit medicines and inefficient fertilizer subsidies. It
also highlights the gig economy’s compliance hurdles and underscores that technology’s success ultimately depends on
the people behind it.
The Articles Section presents three compelling pieces that examine the evolution of internal audit standards, the delicate
balance of taxation on economic growth, and contemporary leadership theories that continue to shape organizations.
Adding further depth, our R&P Department offers well-researched contributions covering global risk, rising uncertainty,
and oil price volatility; Islamic cryptocurrencies X8X and OneGram as safe-haven assets; and a detailed overview of
Pakistan’s crypto and digital assets sector, complete with a strategic SWOT analysis. From this issue, we launch a special
segment celebrating ICMA’s 75th Diamond Jubilee, featured in every CMA Journal this year, highlighting the Institute’s
journey and milestones.
Looking ahead, the Mar-Apr 2026 issue explores “Geopolitical Shocks and Pakistan’s Economic Strategy”, a theme
made urgent by the ongoing US and Israel attack on Iran and its disruption of global oil markets.
The digital future is being built today, and those who read, reflect, and decide will shape it for decades. Dive in and join the
pioneers making tomorrow happen.

Muhammad Yasin, FCMA

Vice President, ICMA &
Chairman, Research and Publications Committee

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ICMA’s Chartered Management Accountant, Jan-Feb 2026