Nearly 40 million Pakistanis have opened cryptocurrency accounts, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib told a Senate committee on Monday.
He said Pakistan has become one of the world’s major crypto markets. According to Saqib, the country’s young population and growing freelance economy are driving the rise of digital assets.
Pakistan also ranks among the leading countries for freelancers worldwide. Millions of people are increasingly using digital assets and blockchain-based services for different financial activities.
Saqib said many of the nearly 40 million crypto accounts were opened before Pakistan introduced formal regulations for the sector.
Pakistan Moves Towards Crypto Regulation
The PVARA chairman said the government is now working to bring the cryptocurrency sector under a proper legal framework.
He said Pakistan is also studying how other countries regulate virtual assets and blockchain technology.
The government aims to develop a regulatory system that can manage the growing digital asset market while supporting innovation.
Saqib pointed to countries such as Dubai and Thailand as examples. Both have introduced frameworks for virtual assets and blockchain-related activities.
Blockchain Use Expands Globally
Saqib also highlighted the growing use of blockchain technology in financial services.
He said countries around the world are using blockchain for various financial applications, including bonds.
The development reflects the growing role of blockchain and digital assets in the global financial system.
Pakistan is now working to establish its own regulatory framework as the number of people using cryptocurrency and blockchain services continues to grow.
