ISLAMABAD (Web Desk) – Around 40 million Pakistanis have cryptocurrency accounts as the country has emerged as the world’s third-largest crypto market, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib told a parliamentary committee on Monday.
Briefing the National Assembly Standing Committee on Cabinet Secretariat, chaired by Rana Mahmoodul Hassan, Saqib highlighted the scale of cryptocurrency adoption by comparing it with Pakistan’s approximately six million active taxpayers.
He said the concept of money was rapidly changing globally, with countries and financial centres including the UAE, Thailand, Singapore and Hong Kong increasingly embracing digital assets and blockchain technology.
Saqib said Pakistan had established a regulatory regime for cryptocurrency and virtual assets, while PVARA was created partly to bring digital currency users into the formal tax system.
He argued that banning emerging technology would restrict Pakistan’s own economic opportunities, adding that young Pakistanis had developed a strong understanding of digital currencies and wanted greater economic independence.
The regulator also announced tougher enforcement against unauthorised digital asset companies, saying action would be taken after September 5.
According to Saqib, major international cryptocurrency platforms Binance and HTX have applied to PVARA for no-objection certificates.
He said permanent staff were being recruited for the authority, which had so far utilised only eight percent of its government-allocated budget.
Pakistan also aims to become a leading player in digital assets linked with Islamic finance, Saqib said.
Authorities are additionally exploring the use of digital financial infrastructure for overseas remittances, potentially opening another major avenue for regulated digital transactions.
The standing committee sought another briefing from PVARA as Pakistan moves towards formal regulation of its rapidly expanding cryptocurrency market.