Around 40 million Pakistanis currently hold cryptocurrency-linked accounts, according to Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib, who shared the figure while briefing the Senate Standing Committee on Cabinet Secretariat. Saqib said Pakistan has emerged as one of the world’s largest cryptocurrency markets, with the country’s young population playing a major role in the growing adoption of digital assets.
Saqib said Pakistan’s virtual asset market is estimated at around $250 billion, while Pakistani investors are believed to have between $10 billion and $20 billion invested in the sector. He noted that most crypto users in the country are below the age of 40, reflecting strong adoption among younger Pakistanis.
The PVARA chairman said the government is not seeking to promote cryptocurrency but instead aims to regulate an activity that has already gained significant traction. He also highlighted that Pakistan developed its virtual asset regulatory regime within five months and is working to bring digital asset activity into a formal and supervised framework.
The briefing also covered the registration of international virtual asset companies. According to Saqib, two international companies have received no-objection certificates and have been given until September 5 to complete the registration process, after which restrictions and enforcement measures will apply to unregistered operators.
The government is also considering how cryptocurrency activity should be incorporated into the tax system. Saqib warned that excessive taxation could push investors and businesses offshore, while regulators are simultaneously working to bring existing digital asset activity into a more transparent and regulated ecosystem.
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