Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), presented an ambitious roadmap for Pakistan’s digital-asset future at Binance Blockchain Week Dubai 2025. Speaking on a high-profile panel alongside global industry leaders — Binance founder CZ, MicroStrategy’s Michael Saylor, and UAE Minister of AI Omar Sultan Al Olama — Saqib highlighted Pakistan’s untapped potential in the global crypto landscape.
He opened with a striking statement:
“Pakistan is the world’s third-largest crypto market without any regulatory framework… Now we want to turn this momentum into a global case study.”
Pakistan’s Crypto Activity: High and Rising
Despite lacking formal regulations, Pakistan ranks among the top global markets:
- #3 in the 2025 Chainalysis Global Crypto Adoption Index
- Ahead of China, Germany, and Japan
- #2 in retail-sized transactions
- #3 in centralized exchange activity
These rankings reflect high transaction activity, not the total number of users.
Claims of 20–40 million Pakistani crypto holders remain unverified, as no nationwide study currently confirms the real figure. Still, the market’s energy and momentum are undeniable.
“Our goal is to channel this momentum into a structured regulatory framework that protects investors and encourages innovation,” Saqib said.
A Young Nation Driving Adoption
Pakistan’s demographic strengths fuel crypto curiosity:
- Population: 250 million
- One of the youngest, most tech-savvy populations globally
Saqib emphasized youth empowerment:
“We want to create a global case study out of Pakistan because we have a very tech-savvy youth.”
Academic research supports this trend:
- A 2025 IBA SBS study: Enjoyment is the strongest predictor of crypto adoption
- Factors like social influence, ease of use, and financial literacy also matter
- A Computational Economics study: Pakistanis view crypto as a transparent alternative to traditional finance
However, barriers remain — including cultural and religious concerns, regulatory uncertainty and lack of consumer protection.
Why PVARA Matters
Pakistan is transitioning from an unregulated crypto environment to a policy-driven framework.
PVARA is working on:
- Licensing exchanges, wallet providers, custodians, stablecoin issuers
- Aligning with global AML and FATF standards
- Protecting investors
- Preparing policies for:
- Stablecoins
- Digital asset infrastructure
- Cross-border blockchain innovation
This marks Pakistan’s shift from reactive regulation to proactive digital-asset governance.
Opportunity Meets Caution
Pakistan sits at a unique intersection:
Opportunity:
- Huge youth population
- High crypto activity
- Enthusiastic early adopters
- Government-backed regulatory authority
Risks:
- High volatility
- Lack of verified user data
- Scams and low financial literacy
- Concerns over Shariah compliance
Pakistan is becoming a fast-growing and globally visible crypto market, but its long-term success will depend on how well PVARA balances innovation with investor protection.
For now, Pakistan has entered the global crypto conversation — and the world is watching.
