Around 40 Million Pakistanis Hold Crypto Accounts, Virtual Assets Regulator Says

Pakistan has emerged as one of the world’s largest cryptocurrency markets, with around 40 million Pakistanis reportedly holding crypto accounts, according to Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib. Briefing the Senate Standing Committee on Cabinet Secretariat, he said Pakistan had become the world’s third-largest crypto market, driven largely by growing interest among younger people.

Bilal Bin Saqib said changing attitudes toward money and financial systems were encouraging countries such as the UAE, Thailand and Singapore to explore digital finance and alternative forms of currency. He cautioned that restricting emerging technologies could limit Pakistan’s economic potential and said the country had already established a regulatory framework for cryptocurrencies.

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The PVARA chairman said the authority would begin taking action against illegal digital asset companies after September 5. He added that several international firms had applied for no-objection certificates (NOCs) to operate in Pakistan’s virtual assets sector, naming Binance and HTS among the applicants.

The government, he said, is seeking to bring Pakistan’s rapidly expanding cryptocurrency sector into a regulated environment while creating greater opportunities for digital financial innovation. The move is aimed at balancing oversight of virtual assets with the potential economic benefits of a growing digital finance industry.

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