Pakistan Crypto Market has become the world’s third largest, according to Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority. He said around 40 million Pakistanis have cryptocurrency accounts, while the country has about six million active taxpayers.
Bilal Bin Saqib made the remarks while briefing the National Assembly’s Standing Committee on Cabinet Secretariat. The meeting was chaired by committee chairman Rana Mahmood-ul-Hassan and focused on developments surrounding virtual assets, regulation, taxation and the growing use of digital currencies in Pakistan.
💰 Pakistan Crypto Market Ranks Third Globally
Bilal Bin Saqib told the committee that Pakistan has become the third-largest cryptocurrency market in the world.
According to the chairman, around 40 million Pakistanis have accounts in cryptocurrency. He compared this figure with the number of active taxpayers in the country, which he said stands at six million.
The figures were presented during his briefing to the parliamentary committee. The chairman also discussed broader changes taking place globally in the way money and financial systems are viewed.
His comments placed Pakistan’s cryptocurrency sector at the center of the discussion about digital assets and the country’s evolving financial landscape.
🌐 Global Shift Toward Digital Assets
During the briefing, Bilal Bin Saqib said the concept of money has changed around the world.
He referred to developments in countries including Dubai, Thailand and Singapore, saying their governments had also moved toward alternative forms of currency. He further pointed to Hong Kong, where the government has issued bonds using blockchain technology.
The examples were presented to the committee as part of a broader explanation of developments in digital finance and blockchain-based assets.
According to the chairman, these international developments show the growing importance of technology in financial systems and the need to understand the changing nature of digital assets.
🏛️ Pakistan Establishes Crypto Regulatory Framework
Bilal Bin Saqib said Pakistan has established a regulatory regime for cryptocurrencies and virtual assets.
He explained that the Virtual Assets Regulatory Authority was established with the objective of bringing digital currency users into the tax net.
The chairman also argued that restricting technology would mean limiting Pakistan itself. He said young people in the country want to achieve economic independence and have developed an understanding of digital currencies.
The authority is therefore intended to provide a regulatory structure for activities related to virtual assets while also supporting the government’s objective of bringing digital asset users into the formal tax system.
📋 Action Against Illegal Digital Companies
The chairman told the committee that the Virtual Assets Regulatory Authority would take strict action against illegal digital companies after September 5.
He did not provide further details in the briefing about the specific companies that could face action or the exact measures that would be taken.
Bilal Bin Saqib also said that Binance and HTS had applied for a No Objection Certificate from the Virtual Assets Regulatory Authority.
The applications were mentioned during the committee briefing as part of the authority’s work to establish a regulated environment for companies operating in the digital asset sector.
👥 Authority Expands Permanent Staff
Bilal Bin Saqib also provided an update on the internal development of the Virtual Assets Regulatory Authority.
He said permanent staff were now being recruited for the authority. The expansion is taking place as the regulator works on developing the country’s virtual asset regulatory framework.
The chairman also told the committee that the government had provided a budget to the authority, of which eight percent had been spent so far.
The figures were shared as part of the briefing on the authority’s current activities and administrative development.
🕌 Digital Assets and Islamic Finance
The authority’s chairman also outlined ambitions for Pakistan’s role in Islamic finance through digital assets.
Bilal Bin Saqib said Pakistan wants to become a leading country in the world in Islamic finance through digital assets.
He also said the country plans to bring remittances arriving from abroad onto a digital basis.
The comments linked digital assets with two areas highlighted during the briefing: Islamic finance and overseas remittances. However, the statement did not provide further details about how such a system would operate or when it would be introduced.
🧾 Crypto Users and Tax Network
The difference between the number of cryptocurrency accounts and active taxpayers was another point highlighted during the parliamentary briefing.
Bilal Bin Saqib said approximately 40 million Pakistanis have cryptocurrency accounts, while the total number of active taxpayers is six million.
According to the chairman, the regulatory authority was established partly to bring digital currency users into the tax net.
The approach would place greater emphasis on regulation and documentation of activities involving virtual assets. The comments came as Pakistan continues to develop its regulatory framework for the digital currency sector.
The Pakistan Crypto Market discussion therefore extends beyond cryptocurrency use itself and includes taxation, regulation, digital finance and the potential use of blockchain technology.
🏦 Standing Committee Seeks Further Briefing
The National Assembly’s Standing Committee on Cabinet Secretariat has requested another briefing from the Virtual Assets Regulatory Authority.
The decision was taken after members received the briefing from Bilal Bin Saqib regarding the country’s cryptocurrency market, regulatory framework, authority staffing, taxation and future plans involving digital assets.
The next briefing will provide the committee with another opportunity to review the authority’s work and its approach toward virtual assets.
For now, the information presented to the committee shows that Pakistan’s cryptocurrency sector is becoming a significant focus of discussions around regulation and taxation. The chairman’s claim that the Pakistan Crypto Market is the world’s third largest, along with his statement that 40 million Pakistanis have crypto accounts, formed a central part of the briefing.
The authority is also moving toward permanent staffing, while regulatory action against illegal digital companies is expected after September 5. Meanwhile, applications for regulatory approval from Binance and HTS were also mentioned.
The committee’s decision to seek another briefing indicates that virtual assets and their regulation will remain under parliamentary review.