Key Takeaways
- PVARA Chairman reports 40 million Pakistanis have opened crypto accounts.
- Pakistan ranks among top countries for freelancers using digital assets.
- Government working on legal and regulatory framework for the sector.
According to the Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, around 40 million Pakistanis have opened cryptocurrency accounts, making Pakistan one of the world’s largest crypto markets.
Saqib attributes this growth to Pakistan’s young population and expanding freelance economy, noting that the country ranks among the top for freelancers globally.
He stated that many of these accounts were opened before formal regulations were introduced, highlighting the sector’s rapid expansion.
The government is now focusing on bringing the sector under a proper legal and regulatory framework, with Saqib mentioning that Pakistan is examining how other countries, such as Dubai and Thailand, are regulating virtual assets and blockchain technology.
Saqib also noted that blockchain technology is being adopted internationally for financial applications, including bonds, indicating its growing importance in the global financial landscape.
The PVARA chairman emphasized the need for a robust regulatory system to ensure the sector’s growth is sustainable and secure for the millions of Pakistanis involved.
He stressed the importance of learning from other countries’ experiences to develop a tailored regulatory framework for Pakistan.
This development underscores the increasing relevance of digital assets and blockchain technology in Pakistan’s economic landscape, with millions of individuals already engaging with these technologies.
Around 40 million Pakistanis somehow have opened cryptocurrency accounts.
Bilal bin Saqib, PVARA Chairman
