ISLAMABAD – Following incidents of crypto asset theft, the formal establishment of the Virtual Assets Alliance of Pakistan (VAAP) has been announced to promote the protection and awareness of virtual asset users and to strengthen cybersecurity in the country.
Leaders of the alliance shared details of its formation and future plans at a press conference in Islamabad. Hunza Asif, founder of Asia Web3 Alliance Japan, has been appointed VAAP’s first chairperson, while Syed Ehtisham Hamdani, country manager at HTX, has been named senior vice chairman.
According to Hamdani, Pakistan ranks third in the world on the global crypto adoption index. However, he said the widely cited estimate of 20 million crypto users in the country is unverified, and no independently confirmed figures are available.
He said VAAP plans to collect credible data on crypto users. The alliance aims to raise awareness among investors, promote cybersecurity education, and encourage transparent and responsible activity in Pakistan’s virtual asset industry.
Hamdani said the alliance will help Pakistan’s digital asset industry benefit from global experience, while also promoting independent research and cooperation with local institutions. Industry experts and prominent figures are also part of the initiative.
He clarified that VAAP has no regulatory authority or government endorsement. Instead, it will work to promote responsible market practices and evidence-based policy dialogue.
The purpose of establishing VAAP is to foster cooperation among stakeholders to make Pakistan’s virtual asset industry more transparent, responsible and effective.
