Pakistan has launched the Virtual Asset Alliance of Pakistan (VAAP), an industry platform aimed at supporting cryptocurrency and digital asset investors, raising cybersecurity awareness and representing the country’s virtual asset sector internationally. The alliance has been established in collaboration with Asia Web3 Alliance Japan (AWAJ), bringing together individuals and organisations associated with cryptocurrency, blockchain and other digital asset activities. The launch was announced at a press conference held at the National Press Club in Islamabad on November 10. Alliance representative Syed Ehtesham Hamdani attended alongside industry representatives Mubashir Irfan, Muhammad Ismail, Zain-ul-Abideen, Hamza Kiani and Shafiq-ul-Hassan. According to the announcement, VAAP intends to provide a common platform for investors, businesses and other stakeholders to address challenges affecting Pakistan’s growing digital asset market. Its stated priorities include helping investors respond to fraud, cyberattacks and fake cryptocurrency exchanges, while improving awareness of security practices and providing a channel for communication with relevant authorities. The initiative also aims to give Pakistan’s digital asset industry a more coordinated voice in international discussions and business engagements.
One of the issues highlighted during the launch was the lack of reliable information about the number of cryptocurrency investors in Pakistan and the overall volume of their investments. The alliance said the absence of authentic market data makes it difficult to understand the scale of the sector and develop appropriate responses to investor concerns. VAAP plans to address this gap through awareness initiatives and data compilation, although it has not yet disclosed a formal research methodology, reporting schedule or initial market assessment. Reliable industry information can help stakeholders understand participation patterns, identify emerging risks and communicate the sector’s requirements to policymakers. Investor protection is another central component of the alliance’s proposed activities. According to the announcement, the platform intends to guide individuals on filing complaints, provide legal assistance and help protect digital accounts. These services are particularly relevant in a market where investors may encounter fraudulent platforms, phishing attempts, unauthorised access and misleading investment offers. However, the alliance has not published detailed procedures for handling complaints, the scope of its legal assistance, eligibility requirements or whether it will operate a dedicated investor support centre. Its effectiveness will depend partly on how these proposed services are organised and made accessible to the public.
VAAP has also clarified that it will not function as an alternative to any government institution or regulatory authority. Instead, it intends to act as a bridge between the public, digital asset businesses and relevant government bodies. This distinction is important as Pakistan has established a formal regulatory structure for virtual assets through the Pakistan Virtual Assets Regulatory Authority (PVARA), which is responsible for licensing, supervising and regulating virtual asset service providers under the Virtual Assets Act, 2026. The regulator’s responsibilities include licensing requirements, compliance monitoring, cybersecurity standards and anti-money laundering and counter-terrorism financing obligations. VAAP’s proposed role is different because it is an industry alliance rather than a statutory regulator. Its activities are expected to focus on investor guidance, stakeholder coordination, awareness and industry representation. The alliance also intends to guide businesses on registration and licensing requirements, helping companies understand the formal processes involved in operating within Pakistan’s regulated digital asset sector. It has not indicated that it will issue licences, approve exchanges or grant regulatory permissions, which remain within the authority of the relevant government institutions. The collaboration with Asia Web3 Alliance Japan could also provide a channel for international engagement, although specific programmes or institutional agreements beyond the alliance’s formation have not been announced.
In addition to investor support and industry coordination, the alliance plans to create business opportunities for young people in blockchain and digital assets and organise awareness programmes at universities. These activities are intended to introduce students and aspiring professionals to developments in blockchain technology, virtual asset markets and related business opportunities. The initiative reflects an effort to connect industry participants with educational institutions and encourage wider understanding of the technology beyond cryptocurrency trading. VAAP has invited blockchain companies, startups, investors and other stakeholders to join the platform and participate in its activities. However, the announcement does not specify membership fees, eligibility conditions, the alliance’s governance structure, its funding arrangements or the timetable for launching its planned programmes. Details about university partnerships, training formats, international initiatives and the mechanism for collecting market data also remain undisclosed. The launch nevertheless introduces a dedicated industry platform at a time when Pakistan is developing its formal virtual asset regulatory environment. By bringing investors and businesses together around cybersecurity awareness, complaint guidance, licensing information and international representation, VAAP aims to contribute to a more coordinated digital asset sector. Its future role will depend on the practical services it establishes and how effectively it works alongside regulators and other institutions.
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