Around 40 Million Pakistanis Linked to Crypto Accounts, Senate Committee Told

Around 40 million Pakistanis are linked to cryptocurrency accounts, placing Pakistan among the world’s largest crypto markets, according to Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.

 

Briefing the Senate Standing Committee on Cabinet Secretariat, Saqib estimated Pakistan’s virtual-assets market at around $250 billion, with between $10 billion and $20 billion of Pakistani money invested in the sector. He said the majority of crypto users in the country are below the age of 40.

 

Saqib said Pakistan was not seeking to promote cryptocurrency but to regulate an activity that had already gained significant traction. He added that PVARA had developed its virtual-assets regulatory framework within five months.

 

The authority has also issued no-objection certificates to two international virtual-assets companies, which have been given until September 5 to complete their registration. Authorities are expected to begin enforcement action against unregistered operators thereafter.

 

PVARA is also working with the State Bank of Pakistan to bring crypto-related activity from the grey market into the regulated financial system. Saqib said lower-cost digital channels could potentially support remittances and generate additional foreign-exchange inflows.

 

The Senate committee also discussed the proposed taxation of virtual assets, with concerns raised that excessively high tax rates could push investors and businesses offshore.