Pakistan has become the world’s third largest crypto market, Bilal bin Saqib

Chairman Pakistan Virtual Assets Regulatory Authority Bilal bin Saqib has claimed that Pakistan has become the world’s third largest crypto market and nearly 40 million Pakistanis have accounts linked to crypto.

Briefing the National Assembly Standing Committee on Cabinet Secretariat, Bilal bin Saqib said that a formal regulatory system for crypto has been created in Pakistan. According to him, bringing digital currency users into the tax net is also an objective of establishing the authority.

He said that the use and concept of money is changing around the world. Various governments including Dubai, Thailand and Singapore are moving towards alternative financial sources, while Hong Kong has also issued bonds through blockchain.

According to Bilal bin Saqib, the number of crypto users in Pakistan is much higher than the country’s active taxpayers. He said that the number of active taxpayers in Pakistan is about 6 million, while the number of Pakistanis holding crypto accounts has reached 40 million.

The chairman of the authority said that banning technology means limiting oneself. According to him, the youth of Pakistan have understood digital currency and are eager to achieve economic independence.

He said that strict action will be taken against illegal digital companies after September 5. According to him, Binance and HTS have also submitted applications to obtain NOC from the Virtual Assets Regulatory Authority.

Bilal bin Saqib said that staff are being recruited in the authority on a permanent basis, while only 8 percent of the budget provided by the government has been spent so far.

He said that Pakistan wants to achieve a prominent position in the world in the field of Islamic finance through digital assets. Work will also be done to transfer remittances from abroad through a digital system.

The standing committee has summoned the Virtual Assets Regulatory Authority again for further briefing on the matter.