Pakistan's crypto users get new alliance, but no regulatory power
Pakistan's cryptocurrency users have a new body promising to fight theft and raise cybersecurity awareness. The Virtual Assets Alliance of Pakistan (VAAP) was launched in Islamabad, with leaders saying it will promote responsible activity in the virtual assets industry. The launch follows reported incidents involving the theft of crypto assets.
Hunza Asif, founder of Asia Web3 Alliance Japan, will serve as VAAP's first chairperson. Syed Ehtisham Hamdani, HTX country manager, is senior vice chairman. Hamdani said Pakistan ranks third globally in the cryptocurrency adoption index, but estimates of 20 million crypto users in the country remain unverified, and independently confirmed figures are unavailable.
VAAP plans to collect reliable data on Pakistan's crypto users, educate investors about digital assets and cybersecurity risks, and encourage transparent practices. Hamdani said the alliance would help Pakistan benefit from international industry experience and support independent research and cooperation with local institutions.
Hamdani clarified that VAAP has no regulatory authority or government endorsement. Its role will focus on awareness, research and cooperation rather than regulation, and it will encourage responsible market practices and evidence-based policy discussions.
