For millions of Pakistanis, cryptocurrency is no longer a novelty or a speculative gamble. It has become a coping mechanism. As inflation rises, the rupee weakens and moving money across borders grows harder, digital assets have stepped in where traditional finance often falls short.

People are not turning to crypto because it is fashionable. Freelancers use it to receive payments, families rely on it for remittances, and small savers see it as a way to preserve value. In many cases, crypto is less about chasing profit and more about maintaining financial stability.

This is what makes Pakistan's regulatory response so frustrating. Despite being among the world's top crypto-adopting countries, the legal framework has remained unclear and inconsistent. Years of hesitation have pushed activity into informal spaces, leaving users exposed and the state largely unaware of what is happening.

The Virtual Assets Ordinance 2025 was meant to change this. By creating the Pakistan Virtual Assets Regulatory Authority (PVARA), the government signalled that it was........

© The Express Tribune