At the Abu Dhabi Bitcoin Conference 2025, Bilal bin Saqib — Chairperson of the Pakistan Virtual Assets Regulatory Authority (PVARA) — said that Pakistan is “eyeing billions in investment through digital assets initiatives and cryptocurrency projects in the coming years.” This effort aims to formalize the domestic crypto market, promote responsible innovation, and bring significant economic activity into the formal financial system.
Analysts referenced in state media suggest that expanding the regulated crypto sector and addressing illicit finance concerns could bring an estimated $25 billion in virtual assets under regulatory oversight and into the tax net — a considerable figure that highlights both the size of Pakistan’s existing crypto adoption and its potential economic impact.
Regulatory Progress and Industry Engagement
Pakistan has been actively working toward formalizing regulatory oversight of virtual assets. The Pakistan Virtual Assets Regulatory Authority (PVARA), established in 2025, serves as the country’s central body for licensing and supervising virtual asset service providers (VASPs) including exchanges and custodians.
Recently, PVARA has granted no-objection certificates (NOCs) to global crypto platforms such as Binance and HTX, allowing them to explore potential operations and pilot projects in the country under interim licensing frameworks. These steps are designed to foster a regulatory environment that is transparent, investor-friendly, and aligned with international norms.
Market Context and Significance
Pakistan’s focus on digital assets comes amid high local adoption rates. Estimates from multiple sources indicate that Pakistanis have invested an estimated tens of billions of dollars in crypto holdings, underscoring why regulators are now prioritizing clarity and oversight.
Formalizing crypto rules could help Pakistan reduce risks associated with money laundering and illicit finance, while channeling more activity into lawful economic growth and tax compliance. This dual focus — on regulatory compliance and economic opportunity — reflects a broader trend in emerging markets toward integrating crypto into mainstream financial frameworks.
