Pakistan shows strong cryptocurrency adoption, especially among youth, ranking high globally per Chainalysis (6th in 2022, projected 3rd by 2025). Crypto policy chief Bilal bin Saqib warns of risks without regulation, as authorities acknowledge the sector’s growth despite past bans.
Evolving Regulations and Bans
The State Bank deemed crypto trading illegal in 2018 and May 2025, yet the Pakistan Virtual Assets Regulatory Authority (established July 2025) remains “launching soon” on key rules. No-objection certificates went to Binance and HTX for pre-licensing talks.
Trump Family and Binance Ties
Interest aligns with World Liberty Financial (Trump-linked DeFi venture) visits. After “debanking” post-2021 Capitol events, the Trumps earned $800M+ from crypto in early 2025. Trump pardoned Binance founder Changpeng Zhao in October 2025; Zhao advises Pakistan Crypto Council and met Maryam Nawaz.
Binance, popular in Pakistan (3rd most-downloaded finance app), signed MoUs with Jazz for payments and Faysal Foundation (incl. Askari Bank) for blockchain. Pakistan-Binance explore tokenizing $2B in bonds and reserves.
Market Scale and Risks
Informal market may hit $25B with 20M users. Stablecoins hedge inflation for freelancers, but P2P trades lack KYC, risking $600M illicit losses per estimates—drawing FATF scrutiny. Regulation must prioritize consumer protection alongside geopolitical gains.
