Overview
- PVARA told parliament that roughly 40 million Pakistanis hold crypto-linked accounts, a figure officials say makes the country the world’s third-largest crypto market.
- The regulator disclosed Monday that it has built a licensing regime, issued no-objection certificates to some international firms, and set a September 5 deadline for platforms to complete registration before enforcement begins.
- PVARA estimates the global virtual-asset market at about $250 billion and says $10 billion to $20 billion of that is Pakistani money held in digital assets.
- Commentators and officials warn of illicit flows and weak AML oversight, citing reports that about $600 million has been moved abroad through informal crypto routes and urging tighter supervision to protect reserves and FATF standing.
- Authorities argue regulation could widen access to foreign exchange and save remittance costs while PVARA recruits permanent staff and has used roughly 8% of its government allocation so far.