Nearly 40 million Pakistanis currently hold cryptocurrency accounts, according to Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib.
Saqib shared the figure while speaking before a Senate committee on Monday. He said Pakistan has emerged as one of the world’s largest crypto markets.
According to him, the country’s young population has helped drive interest in digital assets. Meanwhile, Pakistan’s expanding freelance economy has also contributed to the trend.
Saqib said many crypto accounts were opened before formal regulations came into effect. Therefore, authorities are now focusing on bringing the sector into a proper legal framework.
Why is crypto gaining ground in Pakistan?
Pakistan has a large freelance workforce, with millions of people increasingly using digital assets and blockchain-based services.
Saqib highlighted the country’s position among the world’s leading freelance markets. He linked this growing digital economy with increasing interest in virtual assets.
However, the rapid growth of cryptocurrency use has also created a need for clearer regulation.
The government is now working to establish a formal legal and regulatory framework for virtual assets. At the same time, Pakistan is examining regulatory approaches used by other countries.
Pakistan studies global virtual asset regulations
Saqib said Pakistan is reviewing how other countries regulate virtual assets and blockchain technology.
He specifically mentioned Dubai and Thailand during his remarks. Both jurisdictions have incorporated blockchain and virtual asset-related activities into regulated financial and economic systems.
Pakistan is considering such international approaches while developing its own regulatory system.
The move could help authorities better understand the changing digital asset landscape. It also reflects the growing importance of blockchain technology within modern financial systems.
Blockchain expands beyond cryptocurrency
The PVARA chairman also highlighted the wider use of blockchain technology.
According to Saqib, blockchain is being adopted internationally for financial applications beyond cryptocurrency. He specifically pointed to its use in areas such as bonds.
As a result, the government’s regulatory focus extends beyond cryptocurrency accounts alone.
Pakistan is now working to understand how virtual assets and blockchain technology can operate within a formal regulatory structure.
With nearly 40 million crypto accounts cited by the PVARA chairman, the scale of digital asset activity has become a major policy issue.
The government therefore faces the task of developing regulations while keeping pace with a rapidly expanding digital financial sector.
