Pakistan, Hong Kong Explore Tokenized Markets and Rules
Pakistan's regulator met Hong Kong officials to benchmark tokenized bond issuance and licensing, aiming to widen the capital pool through digital assets.
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Pakistan's Virtual Assets Regulatory Authority chairman Bilal Bin Saqib met Hong Kong's Secretary for Financial Services Christopher Hui on Thursday to discuss cooperation on tokenized capital markets and digital bond issuance.
Saqib also met Dr. Kelvin Wong, chairman of Hong Kong's Securities and Futures Commission. The meetings covered licensing, supervision, anti-money laundering, tokenization and stablecoins.
"If we can make Pakistani assets easier for global investors to access, settle and hold, we can widen the pool of capital available to the country," Saqib said.
Hong Kong has issued tokenized green bonds since 2023, starting with a $102 million tokenized green bond. The government followed with a $766 million multi-currency green bond in 2024 and a $1.28 billion green bond late last year. In June 2026, the Hong Kong Monetary Authority tapped JPMorgan and HSBC as advisors on scaling tokenized markets and digital bond issuance. JPMorgan has also been exploring tokenized deposits and stablecoins.
Pakistan's PVARA was formed last year to license and govern the crypto industry. In August, the regulator opened its licensing framework and set September 5 as the deadline for existing crypto operators to obtain a license or exit the market.
The country's goal extends beyond crypto trading to tokenized capital markets, Saqib said. Pakistan is among the top 10 countries for crypto adoption in the APAC region in 2025, according to Chainalysis.
The talks come as Pakistan faces pressure from the Financial Action Task Force to tighten anti-money laundering rules, which accelerated its crypto regulatory framework.
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