Pakistan crypto accounts reach nearly 40 million

Bilal bin Saqib, Chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA), reported that approximately 40 million Pakistanis hold cryptocurrency accounts. Briefing the Senate Standing Committee on Cabinet Secretariat, Saqib noted that Pakistan has become one of the world’s largest cryptocurrency markets, driven largely by a young population and an expanding freelance economy.

Saqib estimated the country’s virtual asset market at roughly $250 billion, with between $10 billion and $20 billion currently invested within Pakistan. He highlighted that the government has spent five months developing a formal regulatory framework for virtual assets, drawing inspiration from international models used in Dubai and Thailand.

Under the new regulations, virtual asset businesses must complete registration by September 5 or face potential restrictions. Saqib mentioned that no-objection certificates have already been issued to two international virtual asset companies. Regarding taxation, Saqib indicated that while authorities are considering an appropriate rate, they aim to avoid the high 30% tax seen in India to prevent investors from moving toward offshore markets.