Unified crypto industry body proposed

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Representations of cryptocurrencies are seen in this illustration taken on September 10, 2025. — Reuters/File
Representations of cryptocurrencies are seen in this illustration taken on September 10, 2025. — Reuters/File

ISLAMABAD: In the wake of a recent multibillion-dollar cybersecurity breach involving Binance, Pakistan needs a unified industry representative body to safeguard digital asset investors and impr­ove coordination with inte­r­national cryptocurrency exchanges, Asia Web3 Alliance Japan (AWAJ) President Hinza Asif said.

In a statement, Ms Asif said the country’s growing cryptocurrency market faced significant challenges in the absence of verified investor data and an organised mechanism to represent industry stakeholders, particularly in the event of major cybersecurity or financial incidents involving international exchanges.

She pointed out that Pakistan ranked third in the 2025 Global Crypto Adoption Index compiled by Chainalysis. Estimates suggesting around 40 million crypto-linked accounts and digital asset exposure of between $10 billion and $20bn indicated the potential scale of the market, although these figures had not been officially verified as representing individual investors.

Referring to the cybersecurity incident involving Binance, Ms Asif said breaches at major exchanges could result in financial losses, unauthorised transactions and disruptions to withdrawals, potentially undermining investor confidence.

She added that the incident’s potential impact on Pakistani investors rem­ained unclear and requ­ired independent verification.

“The question is who will represent and protect Pakistani investors if an international exchange faces a major cybersecurity or financial crisis,” she said, adding that the country lacked an established mechanism to coordinate investor complaints and engage with international exchanges in such circumstances.

Welcoming the government’s regulatory initiatives through the Pakistan Virtual Assets Regulatory Authority (PVARA), she said the regulator and an independent industry association would have complementary roles.

While PVARA would oversee regulatory matters within its legal mandate, an industry representative body could provide a platform for fintech compan­ies, blockchain businesses, technology professionals and investors to raise concerns and engage with policymakers, she said.

Ms Asif also called for the establishment of a national digital finance platform supported by reliable market research, coordinated investor grievance mechanisms, cybersecurity awareness and formal partnerships with international industry organisations.

She said Pakistan’s digital finance potential extended beyond cryptocurrency trading to include blockchain applications, digital payments, fintech entrepreneurship and international investment.

Published in Dawn, November 2nd, 2026

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