Pakistan has launched the Virtual Assets Alliance of Pakistan (VAAP), a new industry platform aimed at protecting cryptocurrency users, promoting investor awareness and strengthening cybersecurity education in one of the world's fastest-growing digital asset markets.
The alliance was formally announced at a press conference at the National Press Club in Islamabad on Tuesday, 10 November. It has been formed in collaboration with the Asia Web3 Alliance Japan (AWAJ), bringing together individuals and organisations associated with cryptocurrency, blockchain and other digital asset activities.
The alliance has appointed Hunza Asif, founder of the Asia Web3 Alliance Japan, as its first chairperson, while Syed Ehtesham Hamdani, the country manager of exchange HTX, will serve as senior vice-chairman. Hamdani, along with industry representatives Mubashir Irfan, Muhammad Ismail, Zain-ul-Abideen, Hamza Kiani and Shafiq-ul-Hassan, outlined the platform's plans at the launch.
VAAP's stated priorities are practical ones. The platform intends to help investors respond to fraud, cyberattacks and fake cryptocurrency exchanges, guide people on filing complaints, provide legal assistance and help protect digital accounts. It also plans to raise awareness of security practices among users and to provide a channel for communication with the relevant authorities.
The launch follows incidents of crypto asset theft in Pakistan, and the alliance's leaders were clear about what it is not. VAAP has no regulatory powers and has not received government endorsement, they said. It is not an alternative to any government institution or regulatory authority, but will act as a bridge between the public and the relevant authorities, promoting international best practices and informed policy discussion.
That distinction matters because Pakistan already has a formal regulator for the sector. The Pakistan Virtual Assets Regulatory Authority (PVARA) is responsible for licensing, supervising and regulating virtual asset service providers under the Virtual Assets Act, 2026. VAAP's role is different: it is an industry alliance rather than a statutory regulator, and it will not issue licences, approve exchanges or grant regulatory permissions, which remain with the government institutions.
One of the alliance's first tasks will be to fill a striking gap in the market's own numbers. Pakistan ranks third in the world on the global crypto adoption index, yet the widely cited estimate of 20 million crypto users in the country is unverified, and no independently confirmed figures are available. VAAP plans to develop reliable data on the country's cryptocurrency market through independent research and cooperation with local institutions.
The alliance also aims to represent Pakistan's virtual assets industry internationally, giving exchanges, investors, blockchain companies and startups a single platform to engage with global counterparts. Its website describes a unified platform for the sector, focused on policy and regulatory engagement, consumer protection and safety, and a transparent, responsible and globally connected ecosystem.
Whether VAAP can deliver on those aims will depend on how much of its programme turns into real services for users — complaint handling, legal help and security guidance — rather than statements of intent. The alliance has not yet published detailed procedures for handling complaints, the scope of its legal assistance or whether it will operate a dedicated investor support centre. For now, though, Pakistan's crypto users have a new body speaking for them, in a market that has grown faster than the information and protections around it.
Figures in this post were checked at 10:15 PKT on 11 November 2026.
This post is market news information only, not financial advice.
