Pakistan's Crypto Market Estimated at $250 Billion: Regulator
Pakistan's virtual asset market has reached an estimated value of $250 billion, according to the Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA).
Bilal Bin Saqib, Chairman of PVARA, told the Senate committee that around 40 million Pakistanis have crypto-linked accounts and estimated that $10 billion to $20 billion of Pakistani money is invested in the sector.
The majority of crypto users in Pakistan are under the age of 40, showing that young people make up a major part of the country's virtual asset market.
PVARA claims that it has built its regulatory system within five months and is ahead of India in terms of regulation. The authority has given virtual asset businesses until September 5 to complete registration, after which restrictions and enforcement action will begin against operators that remain unregistered.