Pakistan launches virtual assets alliance to protect crypto user
Pakistan's cryptocurrency industry has established the Virtual Assets Alliance of Pakistan (VAAP), creating a new platform to represent digital asset businesses and users. The alliance was formally announced at a press conference in Islamabad on 10 November 2026, with plans to promote investor protection, industry research and dialogue on the country's evolving virtual asset framework.
Hinza Asif, founder of Asia Web3 Alliance Japan, was named the alliance's first chairperson, while Syed Ehtisham Hamdani, country manager at cryptocurrency exchange HTX, was appointed senior vice chairman. The leadership outlined plans to bring industry participants together, strengthen cybersecurity awareness and encourage responsible practices in Pakistan's digital asset market.
Hamdani also raised questions about widely circulated estimates suggesting Pakistan has 20 million cryptocurrency users. He said the figure has not been independently verified, highlighting the need for reliable information about the size and characteristics of the country's digital asset market. The alliance intends to support research and data collection to provide a clearer picture of cryptocurrency adoption.
The alliance plans to draw on international industry experience, including cooperation with Asia Web3 Alliance Japan, while engaging local stakeholders on investor education and industry development. Its proposed activities include independent research, cybersecurity awareness and discussions intended to support a more informed digital asset ecosystem.
VAAP has clarified that it is an independent industry organisation without government endorsement or regulatory authority. Its establishment does not introduce new cryptocurrency rules or grant operating licences to virtual asset service providers. The confirmed outcome of the Islamabad announcement is the formation of the alliance, the appointment of its leadership and the presentation of its intended activities. Their implementation remains a future step.
