ISLAMABAD: Pakistan has announced the establishment of the Virtual Assets Alliance of Pakistan (VAAP), a new industry platform aimed at protecting cryptocurrency users, promoting investor awareness and strengthening cybersecurity education.
The alliance has appointed Hunza Asif, founder of the Asia Web3 Alliance Japan, as its first chairperson, while HTX Country Manager Syed Ehtisham Hamdani will serve as senior vice-chairman.
Announcing the initiative at a press conference in Islamabad on Tuesday, alliance representatives said the platform would bring cryptocurrency users, businesses and industry experts together to promote a more transparent and responsible digital assets market.
Hamdani said Pakistan ranked third globally in cryptocurrency adoption, but stressed that widely circulated estimates suggesting the country had around 20 million crypto users remained unverified.
He noted that independently verified figures on the number of cryptocurrency users in Pakistan were not currently available.
The alliance plans to develop reliable data on the country’s cryptocurrency market through independent research and cooperation with local institutions.
Hamdani said the initiative would focus on investor education, cybersecurity awareness, responsible market practices and evidence-based policy discussions.
He added that industry experts and other key stakeholders had also joined the alliance to contribute to its objectives.
The VAAP leadership emphasised that the organisation does not possess regulatory powers and has not received government endorsement.
The alliance aims to help organise Pakistan’s virtual assets industry by promoting international best practices, encouraging informed policy discussions and strengthening cooperation among market participants.
It said Pakistan could benefit from global experience as the country continues to develop its digital assets ecosystem.
