Around 40 million Pakistanis have reportedly opened cryptocurrency accounts, according to PVARA Chairman Bilal bin Saqib.
He shared the figures during a Senate committee meeting on Monday. He also discussed Pakistan’s growing position in the global crypto market.
Saqib said Pakistan has become one of the world’s major cryptocurrency markets. He linked this growth to the country’s young population and expanding freelance economy.
According to the PVARA chairman, millions of people are increasingly using digital assets. Blockchain-based services are also becoming more common among users.
He said nearly 40 million Pakistanis currently hold crypto accounts. Many of these accounts were reportedly created before formal regulations were introduced.
The growing number of Crypto Accounts highlights the rapid expansion of digital assets. It also reflects increased interest in alternative financial technologies.
Saqib said the government is now working to regulate the sector. Authorities are developing a formal legal and regulatory framework for virtual assets.
The framework is expected to provide clearer rules for cryptocurrency-related activities. It could also establish requirements for businesses operating within the digital asset sector.
The government is also studying international regulatory models. Pakistan is examining how other countries manage virtual assets and blockchain technology.
Saqib referred to Dubai and Thailand during the discussion. He said both markets have incorporated blockchain and virtual assets into regulated systems.
Pakistan is considering similar approaches while developing its own regulatory structure. The government aims to understand international practices before finalizing its framework.
The PVARA chairman also highlighted the wider use of blockchain technology. He said blockchain is being adopted internationally for various financial applications.
These applications include the use of blockchain in bond-related activities. The technology is increasingly being explored for financial services globally.
The development of a regulatory framework could bring more structure to Pakistan’s crypto sector. It could also help authorities monitor digital asset activities more effectively.
The reported number of Crypto Accounts shows the scale of existing interest. However, many accounts were opened before Pakistan established formal regulations.
This creates a need for clear rules covering existing and future market participants. The government is therefore working to bring the sector within a regulated system.
Pakistan’s large freelance workforce could also support digital asset adoption. Freelancers often rely on digital platforms for international work and payments.
The country’s young population is another factor behind the sector’s growth. Increasing digital adoption has contributed to wider interest in blockchain-based services.
The government’s regulatory efforts could shape the future of cryptocurrency in Pakistan. Officials are studying international examples while developing local policies.
The reported 40 million Crypto Accounts figure indicates significant market activity. Further regulatory decisions will determine how the sector develops in Pakistan.
In other related news also read National Assembly Passes Crypto Currency Regulation Law
Authorities are expected to continue consultations as the regulatory framework takes shape. The process could establish clearer guidelines for virtual assets and blockchain businesses.
