Pakistan ranks among the top countries for crypto adoption, with over 20 million users. Discover the growing crypto trend in Pakistan and its impact.
Pakistan is rapidly positioning itself among the world’s top cryptocurrency markets, with an estimated 20 million active crypto users, according to Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC). The PCC, a newly established government body, is spearheading efforts to introduce a comprehensive legal framework for digital assets in the country.
Crypto in Pakistan: Unregulated but Not Banned
While cryptocurrency trading remains unregulated in Pakistan, it is not explicitly illegal. The State Bank of Pakistan (SBP) has not authorized any entities for virtual currency transactions as of January 2021. However, the PCC is now working on policies to regulate crypto exchanges, licensing, and digital asset operations to protect investors and prevent fraud.
Pakistan Among Top 4 in Global Crypto Adoption
Speaking on Geo News, Saqib revealed that Pakistan ranks third or fourth globally in crypto adoption. He emphasized the vast potential of blockchain technology beyond just trading, stating:
“Only 0.24% of global crypto transactions are linked to illegal activities. We want to leverage this technology for real estate, agriculture, and unlocking liquidity in key sectors.”
Regulatory Framework Under Development
The PCC is collaborating with international partners, including the UAE, Nigeria, and Türkiye, to study best practices in crypto regulation. Additionally, regulatory sandboxes are being introduced to fast-track crypto startups while ensuring compliance.
Why Pakistan is Attracting Crypto Businesses
In a Bloomberg interview, Saqib—a Forbes-recognized Web3 investor—highlighted Pakistan’s cost advantages for crypto firms, making it a competitive alternative to Dubai and Singapore. The government is also working on a pro-growth tax structure to attract foreign investment in digital assets.
The Future of Crypto in Pakistan
While no official timeline has been set for legalization, Saqib believes cryptocurrency could revolutionize Pakistan’s fintech sector, potentially making it a regional leader in digital finance. With 20 million users and growing regulatory clarity, Pakistan is poised to become a major player in the global crypto economy.
1. Is cryptocurrency legal in Pakistan?
Currently, cryptocurrency is not officially regulated in Pakistan, but it is not banned. The State Bank of Pakistan (SBP) has not authorized crypto transactions, but the government is working on a legal framework through the Pakistan Crypto Council (PCC) to formalize digital asset trading.
2. How many crypto users are there in Pakistan?
Pakistan has an estimated 20 million cryptocurrency users, placing it among the top 3 or 4 countries globally in terms of crypto adoption, according to the PCC.
3. What is the government doing to regulate cryptocurrency?
The PCC is developing policies to:
. License and regulate crypto exchanges
. Introduce investor protection measures
. Create a pro-growth tax structure to attract foreign investment.