Pakistan ranks third globally as 40 million crypto accounts drive virtual-asset market, says PVARA chairman

Profit by Pakistan Today reported that Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), briefed a Senate committee and placed the country third globally in cryptocurrency activity. Saqib put the number of citizens holding crypto-linked accounts at around 40 million, with most users under 40, and valued the local virtual-asset market at $250 billion. He added that Pakistanis have invested $10 billion to $20 billion in the sector.

Saqib told the committee that Pakistan aims to regulate an activity already widespread rather than promote it, and he blamed the State Bank of Pakistan's restrictions over the past eight years for slowing adaptation. PVARA built its framework in five months, which he described as one of the quickest regimes worldwide, and two international firms received no-objection certificates with registration due by September 5. Unregistered operators will face restrictions and enforcement once the deadline passes, and a cabinet secretary said cryptocurrency businesses cannot run without licences.

Saqib linked regulation to remittance costs, arguing that cheaper transfers could add roughly $2 billion in inflows from remittances of around $41 billion. On tax, he noted that India imposes 30% on virtual assets while Pakistan is still deciding a rate, cautioning that heavy levies could push investors offshore. A joint statement with Mufti Muhammad Taqi Usmani on religious concerns is expected soon.