Page 9 - CMA Journal (Jan-Feb 2026)

Exclusive Interview

Second, we are building regulatory and institutional
capacity. A modern digital asset framework cannot rely We do not attempt to regulate
on legacy skill sets. If we want to supervise complex
digital markets, state capability must be upgraded everything at once. Markets are
alongside market growth.
brought into visibility first, then
Third, capacity building extends beyond the regulator.
We are engaging banks, compliance officers, CFOs, law prudential standards are
firms, and fintech operators to ensure the private sector
understands how to operate responsibly within the introduced, and finally consumer

framework. Without industry literacy, regulation
becomes either ignored or misapplied. protections are strengthened.
This layered approach reduces
Fourth, public awareness and investor education are
critical. In high-adoption environments, misinformation shock to the system while
spreads rapidly. Structured guidance, risk disclosures,
and clear communication reduce harm and build steadily raising standards
long-term trust.
We are also positioning Pakistan at the policy table
internationally. We are actively engaging with regulators
in the US, UAE, Singapore, and Europe, aligning with ICMA: What is the one immediate, practical step you
global standards while adapting them to local realities. would urge every Pakistani CFO and business leader
to take in 2026 to engage responsibly with the digital
ICMA: If Pakistan moves to tokenize sovereign assets,
asset ecosystem?
which specific class, be it infrastructure,
commodities, or debt, holds the most transformative Bilal Bin Saqib: The one immediate, practical step I
potential as a starting point, and why? would urge every Pakistani CFO and business leader to
take in 2026 is to assign clear executive ownership of
Bilal Bin Saqib: Infrastructure assets hold the most
digital asset strategy within their organisation. Not to
transformative potential. Pakistan has substantial
start investing or trading, but to ensure someone at the
infrastructure needs and limited fiscal space. Tokenizing
decision-making level is formally responsible for
brownfield infrastructure offers significant opportunities.
understanding how this space could impact the business.
Think operational toll roads, power generation assets,
You do not need to be using digital assets today to be
creating fractional ownership opportunities for retail
affected by them tomorrow. Global supply chains,
investors while unlocking capital for new projects. This
cross-border settlements, capital markets infrastructure,
approach is more immediately implementable than
and treasury functions are all gradually integrating
sovereign debt tokenization, which requires SBP and
blockchain-based rails and programmable money. The
debt management coordination, and more tangible than
question is not whether to adopt crypto, but whether you
commodity tokenization. The strategy is to start where
are strategically prepared if your counterparties,
the asset is revenue-generating, ownership is clear, and
competitors, or regulators move in that direction.
investor appetite exists.
The responsible step in 2026 is governance and
awareness: commission a focused internal review,
understand the regulatory framework, assess potential
efficiency gains or risks, and build informed readiness.
The companies that remain competitive over the next
decade will not necessarily be the earliest adopters,
but they will be the ones that were prepared rather
than surprised.

The Editorial Board thanks Mr. Bilal Bin Saqib, Minister of State and
Chairman, Pakistan Virtual Assets Regulatory Authority (PVARA)
for sparing his precious time to give an exclusive interview for Chartered
Management Accountant Journal.

ICMA’s Chartered Management Accountant, Jan-Feb 2026 7