With a tech-savvy youth and PVARA in place, Pakistan eyes global crypto leadership
DUBAI:
Bilal Bin Saqib, chairperson of the Pakistan Virtual Assets Regulatory Authority (PVARA), shared an ambitious vision for Pakistan’s crypto space at Binance Blockchain Week Dubai 2025, He spoke alongside industry leaders CZ, Michael Saylor, and UAE’s AI minister Omar Sultan Al Olama.
“Pakistan is the world’s third-largest crypto market without any regulatory framework,” Saqib told the audience. “Now we want to turn this momentum into a global case study.”
Tracking Pakistan’s crypto activity
Despite regulatory gaps, Pakistan is consistently among the most active crypto markets. The 2025 Chainalysis Global Crypto Adoption Index places the country at number three globally, ahead of economic heavyweights such as China, Germany and Japan.
Pakistan ranks second in retail-size crypto transactions and third in centralized exchange activity. These rankings show that crypto is not just being talked about but actively traded.
“Our goal is to channel this momentum into a structured regulatory framework that protects investors and encourages innovation,” said Saqib.
Read: Bilal bin Saqib appointed PVARA chairman, resigns as PM’s crypto advisor
It is important to note that these rankings measure transaction activity rather than the number of individual crypto holders. High activity does not mean millions of Pakistanis hold crypto.
Currently, no independent, nationwide study confirms the exact number of users. Estimates claiming 20 to 40 million users remain unverified.
Still, something big is happening, even if we can’t fully count it.
Young, restless and crypto-curious
Pakistan’s demographic advantage is clear. The country has 250 million people with one of the youngest and most tech-savvy populations in the world.
“We want to create a global case study out of Pakistan because we have a very tech-savvy youth,” said Saqib. “That is what is the driving force and this is where the leadership wants to work and wants to create an enabling environment for them,” he added.
Academic research supports this. A 2025 study presented at the IBA SBS International Conference found that the main predictor of crypto adoption is enjoyment. Social influence, ease of use, and financial literacy also play a role.
Another 2025 study in Computational Economics found that many Pakistanis see crypto as a transparent alternative to traditional finance.
However, adoption faces challenges. Cultural and religious concerns, regulatory uncertainty and a lack of consumer protection create obstacles. Entrepreneurs cite internal resistance and social factors as barriers to adoption.
In short, enthusiasm is high, but the ecosystem is still developing.
Why regulation and PVARA matter
Pakistan’s government has started responding to the rapid growth of digital assets. PVARA is the first attempt to bring order to a space that has long been unregulated.
The authority is working on licensing exchanges, wallets, custodians and stablecoin issuers. It is also aligning regulations with global anti-money laundering standards and creating mechanisms to protect investors.
Pakistan is preparing policies for stablecoins, digital-asset infrastructure and cross-border innovation. Saqib highlighted these areas as potential global case studies.
The creation of PVARA shows that Pakistan is moving from a reactive to a proactive stance in the crypto sector.
Opportunity and caution in Pakistan’s crypto market
Pakistan stands at a rare intersection. A large, active, young crypto user base exists alongside a new regulatory framework trying to catch up.
Crypto adoption is real and growing. It is especially strong among youth and tech-savvy segments. At the same time, risks remain. Crypto is volatile, public understanding is uneven and scams have occurred. Without independent data, the number of holders is unknown.
The country is best described as a fast-growing, promising crypto market. Its future will depend on how well regulation balances innovation, growth and investor protection.
For now, Pakistan has entered the global crypto conversation and the world is paying attention.
