Pakistan Emerges as Key Player in Global Crypto Landscape with Major Reforms

Pakistan is making a significant push to become a major player in the global crypto landscape. Speaking at the Point Zero Forum in Zurich, Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib emphasized the country's 'Pakistan-first' approach to digital finance.

Bin Saqib urged developing economies to take an active role in setting global standards for digital assets, rather than relying solely on frameworks developed by advanced economies. He noted that governments should prioritize regulating the infrastructure supporting digital assets instead of attempting to restrict their expansion.

Pakistan has made significant strides in this area, with a series of reforms aimed at establishing a comprehensive legal framework for virtual assets. The country ranked third globally in the 2025 Chainalysis Global Crypto Adoption Index, behind India and the United States, due to its youthful population, expanding freelance workforce, annual remittances exceeding $38 billion, and growing use of stablecoins as protection against inflation.

The Virtual Assets Act 2026 formally regulates Pakistan's virtual asset sector and establishes PVARA as the country's dedicated regulator. Unlicensed operators are subject to regulatory action, including fines and other penalties. The authority has started issuing No Objection Certificates (NOCs) to international cryptocurrency exchanges, including Binance and HTX.