Pakistan’s Crypto users reach 40 million, says virtual assets regulatory authority

Pakistan has emerged as the world’s third-largest cryptocurrency market, according to Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA).

Pakistan has emerged as the world’s third-largest cryptocurrency market, according to Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA). He said around 40 million Pakistanis have cryptocurrency accounts highlighting the rapidly growing adoption of digital assets in the country.

Saqib made the remarks while briefing the National Assembly’s Standing Committee on Cabinet Secretariat. The meeting was chaired by Rana Mahmood-ul-Hassan, where members were informed about Pakistan’s evolving digital-asset landscape and the government’s efforts to establish a regulatory framework for cryptocurrencies.

According to the PVARA chairman, the concept of money is changing globally with several governments exploring digital assets and alternative financial systems. He pointed to developments in Dubai, Thailand and Singapore while noting that Hong Kong has issued bonds using blockchain technology.

Saqib also highlighted the contrast between cryptocurrency adoption and Pakistan’s formal tax base. He said approximately 40 million Pakistanis have cryptocurrency accounts while the country has only around six million active taxpayers.

He said Pakistan has now established a regulatory regime for virtual assets. According to him, the authority was created in part to bring digital-asset users into the formal tax network. He argued that restricting new technology would limit the country’s economic opportunities, particularly for young people who are increasingly interested in digital currencies and financial independence.

Saqib further announced that the authority would take strict action against illegal digital-asset companies after September 5. He also said that Binance and HTX have applied for No Objection Certificates (NOCs) from the Virtual Assets Regulatory Authority.

The chairman said the authority is also recruiting permanent staff to strengthen its operations. Of the budget allocated by the government, he said, only eight percent has so far been spent.

Pakistan also aims to become a global leader in Islamic finance through digital assets, Saqib said. The country is additionally exploring ways to bring overseas remittances onto digital platforms potentially making cross-border transfers faster and more efficient.

The Standing Committee has requested another briefing from the Virtual Assets Regulatory Authority to further examine Pakistan’s cryptocurrency regulations, adoption and future digital-asset strategy.