ISLAMABAD: Pakistan has emerged as the world’s third-largest cryptocurrency market, with around 40 million Pakistanis holding crypto accounts, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib told a Senate committee.

Briefing the committee, Saqib said the global concept of money was undergoing a major transformation, with several countries exploring blockchain technology and alternative forms of digital assets.

He cited the examples of Dubai, Thailand and Singapore, saying their governments had moved towards alternative currencies and digital financial systems. Hong Kong, he added, had issued bonds using blockchain technology.

“Technology cannot be restricted without restricting ourselves,” Saqib said, stressing the need for Pakistan to keep pace with global developments in digital finance.

He said Pakistan’s younger generation was increasingly seeking greater economic independence and was showing strong interest in digital assets and cryptocurrency.

According to Saqib, a regulatory framework for virtual assets has now been established in Pakistan. International digital-asset companies have also applied for no-objection certificates (NOCs) to operate in the country, he said.

Saqib further disclosed that Binance and HTS had applied to PVARA for NOCs.

The authority, he said, would take strict action against illegal digital-asset companies operating in Pakistan after September 5, as part of efforts to bring the sector under the new regulatory regime.

The development marks a significant shift in Pakistan’s approach to cryptocurrency, as authorities seek to balance innovation in digital finance with regulatory oversight and consumer protection.