Cryptocurrency News in Pakistan: Latest Updates, Regulations & Market Insights

The Evolving Crypto Landscape in Pakistan

Cryptocurrency continues to make waves in Pakistan’s financial ecosystem despite regulatory ambiguity. With over 9 million crypto owners (triple the number from 2021), Pakistan ranks among the top countries for crypto adoption globally. This surge reflects growing interest in digital assets as alternatives to traditional finance, especially among tech-savvy youth and remittance receivers seeking lower transaction fees. However, the State Bank of Pakistan maintains a cautious stance, creating a complex environment where innovation clashes with regulatory uncertainty.

Recent Major Cryptocurrency Developments in Pakistan

2023-2024 has seen pivotal moments shaping Pakistan’s crypto narrative:

• Federal Investigation Agency (FIA) Crackdowns – Increased scrutiny on peer-to-peer trading platforms and unregistered exchanges, resulting in multiple arrests for alleged fraud and money laundering.
• State Bank’s Digital Currency Research – The central bank confirmed active exploration of a CBDC (Central Bank Digital Currency) to modernize payments while maintaining monetary control.
• Binance P2P Suspension – Temporary halting of Binance’s P2P services in January 2024 due to regulatory pressure, disrupting a major on/off ramp for Pakistani traders.
• Taxation Proposals – Government discussions about imposing capital gains tax on crypto profits, potentially recognizing transactions indirectly.

How to Access Reliable Crypto News in Pakistan

Stay informed through these verified channels:

• Local News Portals: Profit Pakistan, Samaa Tech, and Dawn’s technology section provide regular regulatory updates.
• Blockchain Associations: Pakistan Blockchain Institute and Blockchain Council Pakistan offer policy analysis and event announcements.
• Telegram Communities – Groups like ‘Crypto Pakistan’ (25k+ members) share real-time market alerts and local insights.
• Global Trackers: CoinGecko and CoinMarketCap with country-specific filters for Pakistani market trends.
• Exchange Blogs: Local platforms like Bazaar Technologies and global exchanges with Urdu support.

Regulatory Challenges and Economic Opportunities

Pakistan’s crypto scene operates in a gray zone. While the Supreme Court lifted banking restrictions in 2020, subsequent regulatory flip-flops create operational hurdles. Key challenges include:

• Absence of clear licensing frameworks for exchanges
• Banking access barriers for crypto businesses
• Energy concerns regarding proof-of-work mining

Conversely, opportunities abound:

• Remittance revolution via stablecoins avoiding 5-7% traditional transfer fees
• DeFi solutions for the 77% unbanked population
• Blockchain-based land registry pilots reducing fraud
• IT freelancers receiving payments in crypto bypassing currency controls

Most Traded Cryptocurrencies Among Pakistanis

Market preferences reflect practical utility:

1. Bitcoin (BTC) – Preferred store of value amid rupee depreciation
2. Tether (USDT) – Dominates P2P trading as stable dollar alternative
3. Ethereum (ETH) – Used for smart contracts and NFT projects
4. Binance Coin (BNB) – Popular due to exchange ecosystem benefits
5. Local Tokens – PKR-pegged stablecoins gaining traction

Frequently Asked Questions

Is cryptocurrency legal in Pakistan?

Cryptocurrencies aren’t illegal but lack formal recognition. The State Bank prohibits financial institutions from processing crypto transactions, creating operational challenges for traders.

How do Pakistanis buy cryptocurrency?

Most use P2P platforms like Binance P2P or LocalBitcoins, bank transfers to international exchanges, or cash transactions through trusted community networks.

What taxes apply to crypto earnings?

No specific crypto tax laws exist yet, but proposed reforms suggest future capital gains taxation. Traders should document transactions for compliance.

Can I mine cryptocurrency in Pakistan?

Technically yes, but power costs and regulatory uncertainty make it risky. Several provincial governments have raided mining farms citing electricity theft.

Will Pakistan launch a digital rupee?

The State Bank confirmed CBDC research is underway, with a potential pilot in 2025. This could coexist with private cryptocurrencies if regulated properly.

As Pakistan navigates its crypto journey, stakeholders await clearer regulations that balance innovation with consumer protection. With high adoption rates and increasing institutional interest, cryptocurrency remains a transformative force in the nation’s digital economy despite ongoing challenges.