Islamabad: (RightNow) Pakistan has become the third-largest market for cryptocurrency usage globally, with approximately 40 million individuals holding crypto accounts. During a Senate Standing Committee on Cabinet Secretariat meeting, the Chairman of the Pakistan Virtual Assets Regulatory Authority (PVEA) stated that the youth have grasped the digital currency system.

The meeting discussed digital assets and the prices and taxes on imported mobile phones. Bilal Bin Saqib revealed that the number of crypto accounts in the country is 40 million, while active taxpayers are only 5.6 million.

The PVEA Chairman mentioned that the authority aims to bring crypto users under the tax net. He added that Pakistan has established a structured legislative system for modern technology.

It is noted that Pakistan Telecommunication Authority officials emphasized the need for an effective mechanism to set prices for imported mobile phones. The committee recommended customs authorities to reduce taxes.

It is worth mentioning that Pakistan’s policies have been criticized for lacking long-term strategic planning. The Senate committee has requested further details on the virtual assets sector.