Pakistan Surpasses Singapore as Third-Largest Cryptocurrency Market

Pakistan's Virtual Assets Regulatory Authority (PVARA) has revealed that around 40 million Pakistanis have cryptocurrency accounts, making the country the world's third-largest cryptocurrency market.

The announcement was made by Bilal Bin Saqib, Chairman of PVARA, during a briefing to the National Assembly's Standing Committee on Cabinet Secretariat. He highlighted the rapidly growing adoption of digital assets in Pakistan and emphasized the need for a regulatory framework to bring these users into the formal tax network.

Pakistan has now established a regulatory regime for virtual assets, with PVARA created to oversee and regulate the industry. The authority is also recruiting permanent staff to strengthen its operations and ensure compliance with regulations.