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KARACHI: Pakistan’s government launched its 10-year national fisheries and aquaculture policy on Wednesday, with a senior official saying that better management and value addition could help the fisheries sector generate up to $10 billion in value.

Pakistan has the potential to become a major player in the global fisheries markets with over 1,050 kilometers of coastline along the Arabian Sea and vast inland water resources. However, its fisheries sector remains largely undertapped due to poor regulations and issues such as overfishing, contributing only 0.5 percent to the country’s GDP. 

Pakistan’s Maritime Affairs Minister Junaid Anwar Chaudhry launched the 10-year National Fisheries and Aquaculture Policy 2025–2035 at a workshop in Islamabad.

“With better management and value addition, the [fisheries] sector could generate up to $10 billion in value,” Maritime Affairs Minister Secretary Zaffar Ali Shah said at the workshop.

Shah said despite Pakistan’s long coastline, the fisheries sector has failed to achieve its potential, saying that while it remains a vital source of livelihood, it faces serious issues like overfishing and poor regulation.

“He noted that the newly introduced national policy aims to resolve these challenges through coordinated planning,” the maritime affairs ministry said. 

Chaudhry said the policy focuses on cross-cutting priorities such as climate resilience, environmental protection, child safety, gender inclusion, labor rights and the adoption of modern technologies. 

The minister said that the policy’s success depended on sustained commitment, effective coordination and active engagement from all stakeholders.

“He said this policy represents a major milestone for not just the ministry but for all institutions, communities and stakeholders committed to the future of Pakistan’s blue economy,” the maritime affairs ministry said.

The workshop, organized by the maritime affairs ministry, also featured several panel discussions, including sessions on governance and incentives for the fisheries and aquaculture sectors, strategies for the development and management of aquaculture in Pakistan, and the implementation framework and cross-cutting themes of the national policy.

Pakistan reported an increase of over 20 percent in its seafood exports during the last fiscal year, reiterating its commitment to bolster its blue economy. The South Asian country hopes to achieve sustainable economic growth driven largely by exports. 

KARACHI: Pakistan has formally enacted its first law to regulate virtual assets, establishing a federal authority to license and oversee crypto-related businesses, the finance ministry said on Wednesday, as the country joins a growing list of nations adopting formal oversight of blockchain-based finance.

The Virtual Assets Act, 2025 creates the Pakistan Virtual Asset Regulatory Authority (PVARA), a new autonomous regulator to supervise the virtual asset economy, ensure compliance with global anti-money laundering standards and support financial innovation through regulatory sandboxes.

Pakistan’s move aligns with similar frameworks adopted by global peers such as the United Arab Emirates, Singapore, India, and the European Union, where regulators have introduced crypto-specific licensing, centralized oversight authorities, and pilot programs for central bank digital currencies (CBDCs).

The State Bank of Pakistan has also separately announced it is preparing to launch a pilot for a digital rupee, marking a broader shift toward digital modernization of Pakistan’s financial system.

“The Authority has been granted comprehensive powers to ensure transparency, compliance, financial integrity, and the prevention of illicit activities, in alignment with international standards including those of the Financial Action Task Force (FATF),” the finance ministry said, describing the powers of the new regulator set up under the Virtual Assets Act.

Separately, speaking at the Reuters NEXT Asia summit in Singapore on Wednesday, Governor State Bank Jameel Ahmad said the new law would “lay down the foundations for the licensing and regulation” of the virtual assets sector and that the central bank was already in touch with some tech partners.

He said a legal framework for virtual assets was necessary to “evaluate and manage the risk very carefully, and at the same time not allow to let go the opportunity.”

In May, the State Bank clarified that virtual assets were not illegal but advised financial institutions not to engage with them until a formal licensing framework was in place.

NEW POWERS

The new regulator will introduce a structured licensing regime for all firms offering services related to cryptocurrencies, digital tokens and blockchain-based assets in or from Pakistan. These entities must meet operational and compliance standards and will be subject to ongoing reporting obligations.

The law gives PVARA powers to combat illicit finance and enforce transparency in line with the FATF framework, a key benchmark for Pakistan, which was removed from the FATF grey list in 2022 after significant reforms.

The regulator’s governing board will include top officials from Pakistan’s economic and regulatory institutions: the governor of the State Bank of Pakistan, secretaries of finance, law, IT and telecom, as well as the chairpersons of the Securities and Exchange Commission of Pakistan, the Federal Board of Revenue and the Digital Pakistan Authority.

Two independent directors with expertise in law, technology, or finance will also be appointed by the federal government.

The chairperson of the Authority, who will lead PVARA’s operations, is to be selected based on “demonstrated experience in finance, law, technology, or regulatory affairs,” according to the statement.

In a nod to Pakistan’s Islamic financial system, the law mandates the creation of a Shariah Advisory Committee to advise PVARA on the religious permissibility of virtual asset products and services. Any licensed firm offering Shariah-compliant services must adhere to this committee’s rulings.

To handle disputes, the law also establishes a Virtual Assets Appellate Tribunal, which will operate independently and include experts in law, finance, and technology to hear appeals against regulatory decisions.

The legislation provides space for responsible innovation by allowing startups and developers to test blockchain-based products within a regulatory sandbox, a controlled environment supervised by PVARA.

The authority may also issue no-action letters, temporarily exempting experimental projects from certain rules under defined conditions.

DIGITAL RUPEE

The enactment of the new law builds on recent crypto-focused developments in Pakistan.

In March 2025, the government-backed Pakistan Crypto Council (PCC) was launched to support blockchain and virtual asset adoption. It has already initiated conversations with global crypto firms and plans to explore bitcoin mining using surplus energy. It has also appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve. It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial.

Meanwhile, the State Bank of Pakistan is preparing a pilot project for a digital rupee, Governor Ahmad said while speaking at the Reuters NEXT Asia summit.

Pakistan was “building up our capacity on the central bank digital currency” and hoped to roll out a pilot soon, Ahmad said. 

With inputs from Reuters