KARACHI: Pakistan’s expanding cryptocurrency market needs a formal industry body to represent investors and strengthen engagement with global exchanges, it was reported on Monday.
Asia Web3 Alliance Japan (AWAJ) President Hinza Asif made the remarks after a multibillion-dollar cybersecurity breach involving Binance, highlighting concerns over how Pakistani investors would be represented if a major international platform faced a security or financial crisis.
In a statement she said the country’s digital asset sector remains constrained by a lack of reliable investor data and the absence of an organized platform through which industry participants can coordinate or raise concerns during major incidents.
Pakistan ranked third in Chainalysis’ 2025 Global Crypto Adoption Index, underscoring the scale of its cryptocurrency activity. Estimates put the number of crypto-linked accounts at around 40 million, with digital asset exposure ranging between $10 billion and $20 billion. However, these figures have not been officially verified as representing individual investors.
Asif said cybersecurity breaches at major exchanges could lead to financial losses, unauthorised transactions and withdrawal disruptions, potentially undermining investor confidence.
She added that the potential impact of the Binance incident on Pakistani investors remained unclear and required independent verification.
“The question is who will represent and protect Pakistani investors if an international exchange faces a major cybersecurity or financial crisis,” she said, noting that Pakistan lacks an established mechanism to coordinate investor complaints and engage with international exchanges in such circumstances.
Welcoming the government’s regulatory initiatives through the Pakistan Virtual Assets Regulatory Authority (PVARA), Asif said the regulator and an independent industry association would have complementary roles.
While PVARA would oversee regulatory matters within its legal mandate, an industry representative body could provide a platform for fintech companies, blockchain businesses, technology professionals and investors to raise concerns and engage with policymakers.
Asif also called for a national digital finance platform supported by reliable market research, coordinated investor grievance mechanisms, cybersecurity awareness and formal partnerships with international industry organisations.
She said Pakistan’s digital finance potential extended beyond cryptocurrency trading to include blockchain applications, digital payments, fintech entrepreneurship and international investment.
