Pakistan urges global rules for digital assets at UN

ISLAMABAD: Pakistan has called for the immediate creation of a unified global regulatory framework for digital assets, arguing that cryptocurrencies, tokenisation and blockchain technology are rapidly reshaping finance and require coordinated international oversight.

Speaking virtually at a United Nations briefing on Saturday, Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib urged member states to establish institutions capable of managing the next generation of global finance.

The UN session, titled “Digital Assets and Blockchain for Sustainable Development: Advancing Digital Finance through Innovation,” was held at UN headquarters and convened by Pakistan’s Permanent Mission to the United Nations in collaboration with the UN Development Programme, UN Trade and Development and the Office of the Secretary-General’s Envoy on Technology.

The event brought together representatives of member states, UN agencies and private-sector stakeholders to discuss how emerging financial technologies could support sustainable development.

Pakistan Pushes for Global Digital Finance Rules

Saqib said digital assets, tokenisation and distributed ledger technologies could give developing economies an opportunity to modernise financial systems while improving inclusion, efficiency and access.

He argued that the central issue was no longer whether such technologies would expand, but who would shape their development and whose interests would be protected.

Putting ordinary citizens at the heart of the discussion, the PVARA chairman highlighted the estimated 1.4 billion adults worldwide who remain outside the formal financial system.

He also pointed to millions of people who face costly remittances, slow financial settlements and limited access to credit.

According to Saqib, digital finance could offer solutions extending far beyond faster payments.

Digital identities and verifiable financial records, he said, could help small businesses, farmers and women entrepreneurs demonstrate their economic activity without depending entirely on conventional collateral or paperwork.

Tokenisation could also enable assets such as infrastructure bonds and renewable energy projects to be divided into smaller investment units, potentially opening new avenues for capital mobilisation.

Regulation Must Keep Pace With Innovation

Saqib, however, warned against viewing technology as a solution without recognising its risks.

He pointed to retail market volatility, illicit finance, excessive concentration of technological power and the growing gap between countries with advanced regulatory systems and those lacking institutional capacity.

He stressed that governments should not frame the issue simply as a choice between regulation and no regulation.

Instead, regulation should develop alongside innovation, he said, warning that rules introduced too late could leave consumers and markets exposed, while excessively restrictive policies could drive digital activity into less transparent environments.

Saqib argued that effective regulation should be viewed as market-building rather than market-blocking, allowing innovation to grow while protecting financial stability and users.

He also called for greater international cooperation, emphasising that countries cannot build the future of digital finance in isolation.

The Pakistani official urged UN member states to treat the briefing as the beginning of deeper cooperation on digital assets rather than a one-off discussion.

His call comes as governments worldwide grapple with how to regulate rapidly evolving digital financial technologies while harnessing their potential to expand financial inclusion and economic opportunity.