Pakistan Surpasses Global Giants as World's Third-Largest Crypto Market

Pakistan has emerged as the world's third-largest crypto market, with approximately 40 million citizens holding cryptocurrency accounts. According to Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), this number is significant compared to the country's six million active taxpayers.

The PVARA was established to regulate digital assets and bring users into the formal tax system. Saqib emphasized that banning emerging technologies like cryptocurrency would restrict Pakistan's economic opportunities, particularly for young people who have developed a strong understanding of digital currencies.

PVARA is taking steps to tighten enforcement against unauthorized digital asset companies, with action set to be taken after September 5. Major international platforms Binance and HTX have applied for no-objection certificates from PVARA.