PVARA Chairman Urges UN Member States to Build Global Digital Asset Regulations
Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has called on UN Member States to move beyond discussions on digital assets and develop effective regulatory and institutional frameworks for the future of global finance. Addressing a UN Headquarters session virtually, he said digital assets, tokenization and distributed ledger technologies could help emerging economies redesign financial systems around greater inclusion, efficiency and access.
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Bin Saqib highlighted the potential of digital finance to address major gaps in the global financial system, noting that around 1.4 billion adults remain outside the formal financial system. He also pointed to the high cost of international remittances, saying the average cost of sending $200 remains more than twice the 3 percent Sustainable Development Goal target, while improved digital payment systems could help return billions of dollars to families.
He said the benefits of digital finance extend beyond payments, with digital identities and verifiable financial records potentially helping small businesses, farmers and women entrepreneurs access financing. Tokenization could also enable new forms of capital mobilization by dividing assets such as infrastructure bonds and renewable energy projects into smaller investment units, while blockchain-based systems could improve transparency in public spending and supply chains.
At the same time, the PVARA chairman warned that technology alone cannot solve financial challenges and highlighted risks including market volatility, illicit finance and unequal regulatory capabilities among countries. He urged governments to view regulation as a tool for building markets rather than restricting innovation, stressing that international cooperation is essential to ensure digital finance develops responsibly and benefits people globally.
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