Virtual Assets Alliance Launched to Protect Crypto Users
Pakistan has a new industry platform for cryptocurrency users. The Virtual Assets Alliance of Pakistan (VAAP) was launched at a press conference in Islamabad on Tuesday, with a promise to protect investors, raise cybersecurity awareness and build reliable data on the country’s digital assets market.
The alliance brings together cryptocurrency users, businesses and industry experts. It aims to make the country’s virtual assets industry more organised, transparent and responsible, at a time when digital assets have already spread widely across the country, without clear data on who uses them or how much money is involved.
Virtual Assets Alliance of Pakistan: who leads it
Hunza Asif, founder of the Asia Web3 Alliance Japan, has been appointed the alliance’s first chairperson. Syed Ehtesham Hamdani, country manager at HTX, will serve as senior vice-chairman. The alliance was formed in collaboration with the Asia Web3 Alliance Japan.
Hamdani announced the launch at the press conference at the National Press Club in Islamabad. Industry leaders Mubashir Irfan, Muhammad Ismail, Zain-ul-Abideen, Hamza Kiani and Shafiq-ul-Hassan were also present. Hamdani said the platform would bring cryptocurrency users and businesses together on one forum. The Express Tribune reported the launch, while Dunya News covered the press conference in Islamabad.
What the alliance will do
The alliance has three clear jobs. First, it will protect investors from fraud, cyber-attacks and fake exchanges, which have cost Pakistani users money in recent years. Second, it will raise investor awareness and promote cybersecurity education, so users can spot scams before they lose funds. Third, it will collect reliable data on cryptocurrency users and the size of the market, which does not exist today.
Beyond that, the alliance plans to encourage responsible market activity, support evidence-based policy discussions, carry out independent research and work with local institutions. Hamdani said the platform would help organise the industry and promote transparency and responsible practices in the cryptocurrency market.
The alliance was clear about what it is not. It has no regulatory powers and has not received government endorsement. It is not an alternative to any government or regulatory body. Instead, it will act as a bridge between the public and the relevant authorities, carrying the industry’s concerns to the people who make the rules.
Pakistan ranks third in crypto adoption
Hamdani said Pakistan ranked third globally in cryptocurrency adoption, according to a global adoption index. The ranking shows how widely digital assets have spread in the country, even though the sector has operated without a full legal framework for years.
At the same time, he warned against a widely quoted figure. Estimates suggesting the country had about 20 million cryptocurrency users were unverified, he said, and no independently verified figures were available on the number of users. That gap is part of the problem the alliance wants to fix. Without reliable data, neither the industry nor the regulator can say how big the market really is, who uses it, or where the risks sit.
The alliance plans to build that data through independent research and cooperation with local institutions. Better numbers would let policymakers set rules based on evidence, instead of guesses, and let investors judge the market on facts.
The wider crypto picture in Pakistan
The alliance arrives as Pakistan builds formal oversight for digital assets. The Pakistan Virtual Assets Regulatory Authority (PVARA) was set up as the country’s dedicated crypto regulator, and it approved a regulatory sandbox for virtual assets to test real-world uses such as stablecoins, tokenisation and remittances under supervision. PVARA has also held talks with Mastercard on tokenisation, showing how the regulator is engaging with global payment firms.
Pakistan is also testing tokenisation in public finance. The government has moved ahead with tokenising a eurobond, and the push towards digital payments continues under a roadmap for 100 per cent digital payments. The conversation around digital assets has reached parliament and the classroom too, with Bilal Bin Saqib speaking at LUMS on financial innovation and digital assets.
The risks are real as well. Crypto scams and account closures have hit users in Pakistan and abroad, and Binance has been closing crypto accounts in Europe as regulators tighten the rules. That is the gap the alliance says it will fill: a local platform that protects users, builds real data and speaks for the industry while the regulator sets the rules.
Frequently asked questions
What is the Virtual Assets Alliance of Pakistan?
It is a new industry platform launched in Islamabad to protect cryptocurrency users, raise cybersecurity awareness and build reliable data on Pakistan’s digital assets market. It brings together users, businesses and industry experts.
Who leads the alliance?
Hunza Asif, founder of the Asia Web3 Alliance Japan, is the first chairperson. Syed Ehtesham Hamdani, country manager at HTX, is the senior vice-chairman.
Does the alliance regulate cryptocurrency?
No. The alliance has no regulatory powers and has not received government endorsement. It is not an alternative to any government or regulatory body. It will act as a bridge between the public and the relevant authorities.
How many crypto users are there in Pakistan?
There is no independently verified figure. A widely quoted estimate of about 20 million users is unverified. Pakistan ranks third globally in cryptocurrency adoption, according to a global adoption index.
What will the alliance do first?
It will collect reliable data on crypto users, raise investor awareness and promote cybersecurity education. It also plans independent research, evidence-based policy discussions and cooperation with local institutions.
