Pakistani Youth Flock to Cryptocurrency Market, Ranks Third Globally

Pakistan has emerged as one of the world's top cryptocurrency markets, ranking third globally with around 40 million citizens holding crypto accounts.

The country's Virtual Assets Regulatory Authority (Pvara) Chairman Bilal Bin Saqib informed the Senate Standing Committee on Cabinet Secretariat that Pakistani youth have developed an understanding of digital currencies and are seeking greater economic independence.

Bilal highlighted a significant gap between the number of crypto users and registered taxpayers in the country, stating that while there are 40 million crypto accounts, only around six million individuals are active taxpayers.

Pvara aims to bring these users into the tax net and regulate the virtual assets sector. The authority is recruiting permanent staff and has utilized only eight percent of its allocated budget so far.