Pakistan's crypto industry now has its own industry body. The Virtual Asset Industry Alliance of Pakistan (VAAP) held its soft launch at the National Press Club in Islamabad on 10 November 2026, together with Asia Web3 Alliance Japan. GEO News covered the event.

VAAP is an independent industry body. It is not a regulator, and its launch does not bring any new crypto rules or licences.

Who leads the Virtual Asset Industry Alliance of Pakistan

Hinza Asif is Chairperson and Syed Ehtisham Hamdani is Senior Vice Chairman. Local reports describe the chairperson as the founder of Asia Web3 Alliance Japan and Hamdani as HTX's country manager in Pakistan. Some of them spell the chairperson's first name Hunza, and some call the group the Virtual Assets Alliance of Pakistan.

What VAAP says it will work on

  • Investor protection and cybersecurity awareness

  • Independent research on how many people actually use crypto

  • Industry collaboration and international partnerships

  • Investor education and responsible practices

Local reports say the launch follows reported incidents involving the theft of crypto assets. For how those risks play out for users, see our security and scams coverage.

The "20 million crypto users" figure is unverified

One of the most useful points from the briefing: VAAP said the popular claim that Pakistan has 20 million crypto users has not been verified. Reports of the briefing add that no independently confirmed figures are available.

Policy built on numbers nobody has checked is weak policy. That makes VAAP's plan for independent research on actual usage a sensible place to start.

What VAAP is not

VAAP has no regulatory authority and no government endorsement, according to reports of the briefing. Licences and rules still come from the regulator, PVARA. For what those rules say today, read PVARA licensing: what Pakistan's virtual asset rulebook says and PVARA's advisory on stablecoin pilots. For individual users, see is crypto legal in Pakistan.

Why it matters for exchanges and builders

What VAAP can do is give exchanges, builders and retail investors one voice in front of regulators and policymakers. It could also make it easier for local and international firms to enter the sector.

The real test is whether that voice is heard when the rules are written.