Page 8 - CMA Journal (Jan-Feb 2026)

Exclusive Interview

Third, the integration of AI with financial infrastructure
means regulatory frameworks must evolve quickly. If we
move early and thoughtfully, Pakistan can position itself Millions of Pakistanis were
as a jurisdiction where digital finance innovation
happens first, not last. already using global platforms in
What excites me most is the mindset shift I saw at Davos. a grey market environment with
The world is building the next financial architecture now.
Pakistan has the talent, the adoption rates, and the zero local oversight, no formal
demographic advantage to be a nation of builders in this
new system, not just consumers of it. reporting lines, and no
ICMA: Issuing NOCs to global exchanges was a structured accountability. By
landmark regulatory decision. In concrete terms,
what will be the first noticeable improvement for an issuing NOCs under PVARA, we
average citizen or small business?
have brought these exchanges
Bilal Bin Saqib: Issuing NOCs to global exchanges was
not about endorsing crypto overnight. It was about into a supervised framework
bringing an existing reality into a regulated perimeter.
Millions of Pakistanis were already using global
platforms in a grey market environment with zero local
oversight, no formal reporting lines, and no structured My guiding principle is proportionality. Innovation
accountability. By issuing NOCs under PVARA, we have should not be stopped, but it must be supervised in
brought these exchanges into a supervised framework.
proportion to the risk it generates. A retail trading
They are now registered on the goAML portal, subject to platform does not carry the same systemic implications
AML and CFT reporting, and operating under defined as a stablecoin integrated into payment rails or a lending
engagement with the regulator rather than outside it.
protocol offering leverage. The regulatory response must
For the average citizen or small business, the first be aligned with the risk profile.
noticeable improvement is clarity and confidence. Another principle is sequencing. We do not attempt to
Instead of wondering whether the platform they are regulate everything at once. Markets are brought into
using could suddenly be restricted or disconnected from visibility first, then prudential standards are introduced,
the local financial system, there is now growing
and finally consumer protections are strengthened. This
regulatory visibility. That reduces ambiguity and signals layered approach reduces shock to the system while
that Pakistan is moving toward structured participation steadily raising standards.
rather than informal tolerance.
And finally, credibility over popularity. There is always
The NOC is only Phase One and it’s not a blanket
pressure to move faster, especially in emerging
approval for exchanges. It allows an exchange to register technology sectors. Short-term applause is never worth
their local company while maintaining compliance with long-term damage. A regulatory failure in this space
our AML frameworks. Full licensing will introduce would not just hurt investors. It would undermine trust in
stronger safeguards such as custody standards,
digital finance more broadly.
segregation of client assets, capital adequacy
requirements, governance rules, and formal dispute ICMA: Pakistan ranks among the world's top crypto
resolution mechanisms. That is when citizens will begin adopting nations. As the regulatory architect, what is
to see tangible structural protections similar to other your strategy to transform this organic adoption into
regulated financial services. structured, recognized global leadership?
ICMA: Your role requires balancing breakthrough Bilal Bin Saqib: Pakistan’s high crypto adoption is an
innovation with public safety. Where do you advantage, but adoption alone is not leadership. My
personally feel the greatest tension lies, and what strategy is to transform scale into structure and structure
principle guides you when these priorities conflict? into creditability, via following:

Bilal Bin Saqib: Pakistan has one of the highest organic First, we are moving from informal usage to rule-based
adoption rates in the world. That creates enormous participation. Through phased NOCs, full licensing, and
opportunity, but it also means mistakes scale very activity-specific regulations, we are bringing VASPs into a
quickly. If policy is too restrictive, activity is pushed transparent supervisory framework aligned with AML,
underground. If it is too permissive, systemic risk enters governance, prudential, and consumer protection
an already delicate financial environment. The hardest standards. The objective is simple- the same innovation,
part of this role is deciding where to draw that line. but within legal certainty.

6 ICMA’s Chartered Management Accountant, Jan-Feb 2026