Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday held a meeting with a visiting delegation from Icoin Technology Inc., led by its Chairman and Chief Executive Officer, Chet Silvestri, to discuss Pakistan’s evolving approach to digital assets and virtual asset regulation.
During the meeting, the finance minister briefed the delegation on the government’s efforts to develop a structured and responsible framework for digital assets in Pakistan. He shared updates on progress toward the establishment of the Pakistan Crypto Council and the Pakistan Virtual Assets Regulatory Authority (PVARA), explaining the rationale behind these initiatives, the sequencing of policy actions and their broader implications for market development, financial inclusion, transparency and consumer protection.
Senator Aurangzeb highlighted Pakistan’s growing participation in global digital asset activity, as reflected in international analytics, and stressed the government’s determination to channel this activity into a well-regulated environment. He emphasised that effective regulation is essential to safeguard users, mitigate risks and simultaneously encourage innovation, investment and responsible growth in the digital asset ecosystem.
The finance minister underscored that regulatory clarity is particularly important given the increasing volume of digital asset usage by Pakistani citizens. He noted that the evolving policy framework aims to align Pakistan’s approach with international best practices and ensure close coordination among regulators, including the State Bank of Pakistan, to support orderly market development and enable institutional participation.
Chet Silvestri shared insights from the United States and Canadian markets, drawing on Icoin Technology’s experience of working with banks, exchanges and large-scale consumer platforms. He explained how regulatory clarity in more mature markets has allowed traditional financial institutions to engage with digital assets using existing banking infrastructure, rather than overhauling core systems.
He also outlined the role of wallet-based middleware and switching technologies that enable banks to connect securely with exchanges, manage liquidity, strengthen compliance and offer digital asset services to customers through familiar banking applications.
The delegation highlighted the transformative potential of blockchain technology and stablecoins in modernising financial infrastructure by enabling faster, lower-cost and more transparent transactions while maintaining regulatory oversight. Reference was made to recent legislative developments in the United States aimed at bringing coherence to digital asset regulation, particularly in relation to stablecoins and the integration of digital assets within the banking system.
Emphasising demographic trends, the delegation noted that young and tech-savvy populations across markets are already actively engaging with digital assets. They stressed that regulated participation through banks helps keep this activity within the formal financial system, supporting transparency and financial stability.
Discussions also covered Icoin Technology’s global engagements, including partnerships that enable large consumer bases to access digital asset services. The delegation expressed interest in exploring opportunities in Pakistan in collaboration with local partners and sought guidance on regulatory pathways, licensing requirements and engagement mechanisms with relevant authorities, including banks and regulators.
The finance minister advised that, given the evolving nature of the regulatory landscape, initial engagement with interested banks and relevant institutions would be a constructive next step, alongside continued dialogue with regulators, including the State Bank of Pakistan. He reiterated that Pakistan is at an early but critical stage in shaping its digital asset ecosystem and welcomed knowledge-sharing and responsible investment aligned with national priorities.
Both sides agreed to maintain engagement, explore areas of cooperation and continue exchanges aimed at supporting Pakistan’s efforts to build a transparent, inclusive and well-regulated digital asset market.
Icoin Technology Inc. is a blockchain infrastructure company focused on developing advanced hardware wallet systems for cryptocurrency. The delegation also included Lt. Gen. (R) Terry Robling, Advisor to Icoin Technology, Mahmood Azhar Jabbar, Chief Executive Officer of Techaccess, and Tariq Hafeez Malik, Chief Technology Officer of Techaccess.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.