Investing · Money

How to buy crypto in Pakistan: the routes, the law and the risks

No crypto exchange is fully licensed by PVARA as of 8 Oct 2026. How people buy crypto in Pakistan, what the law allows, and the P2P and bank freeze risks.

By Hassam Imtiaz · Updated · 3 min read

Licensed exchanges
None listed (8 Oct 2026)
Bank accounts for crypto firms
PVARA-licensed only
Unlicensed provider penalty
Up to 5 yrs, Rs 5 crore
Crypto tax section
None (to Jun 2026)
Summarize it for me

AI Summary

As of 8 October 2026, PVARA, Pakistan's crypto regulator, names no fully licensed crypto exchange, so there is no licensed local way to buy crypto yet. Many Pakistanis use P2P trades on foreign exchanges, paying another user by bank transfer, on platforms PVARA has not licensed. Such trades have led to bank account freezes, as in a 2021 case involving 1,064 people. SBP lets banks fully serve only PVARA-licensed crypto firms. FBR's tax ordinance has no crypto-specific section.

As of 8 October 2026, there is no fully licensed crypto exchange in Pakistan: PVARA (Pakistan Virtual Assets Regulatory Authority) names none on its licensing page. Many Pakistanis buy through P2P (peer-to-peer) trades on foreign exchanges, paying another user by bank transfer. No P2P platform is licensed by PVARA, and such trades have led to bank account freezes.

How do people buy crypto in Pakistan?

The routes people use, and where each stands as of October 2026:

Route How it works Status in Pakistan
PVARA-licensed exchange Pay a licensed local firm in rupees Not available yet: no licensed firm listed
P2P on a foreign exchange Buy from another user and pay them directly Platform not licensed by PVARA; account freezes reported
Card or bank payment to a foreign exchange Pay the platform abroad directly FERA limits on paying people abroad still apply
Firms with a PVARA NOC Binance and HTX hold NOCs (Dec 2025) Dawn: NOCs “do not permit them to operate at this stage”

PVARA’s FAQ says a foreign app counts as operating in Pakistan if it targets, promotes to or onboards people here, so it needs a licence too. Under section 70 of the Act, firms that applied by the 5 September 2026 deadline may keep providing existing services while PVARA decides. PVARA does not publish who applied.

What does the law allow?

The Virtual Assets Act, 2026, in force since 5 March 2026, regulates businesses, not people holding crypto. Its offences cover unlicensed providers, unlawful token offerings, market manipulation and dealings with the regulator. Providing an unlicensed crypto service carries up to 5 years in jail, a fine up to Rs 5 crore (Rs 50 million), or both.

The Act also leaves the Foreign Exchange Regulation Act, 1947 in charge where the two clash. SBP has already used FERA against offshore forex and CFD apps: in March 2022 it told banks to block payments to them.

The full dated timeline is in is crypto legal in Pakistan.

Can I buy crypto in Pakistan without P2P?

Not through a licensed local exchange yet. In April 2026 SBP withdrew its 2018 instructions and let banks open accounts for PVARA-licensed crypto firms. Firms holding only an NOC can get limited accounts, and crypto transactions through bank accounts are allowed only once a firm is licensed. With no licence issued, that door is not open yet.

When PVARA licenses a firm, its name should appear on PVARA’s public register of licensees. PVARA’s FAQ says it publishes one. Check it on pvara.gov.pk before you send money to any app.

How is crypto taxed in Pakistan?

FBR’s Income Tax Ordinance, as amended up to 30 June 2026, has no section on crypto or virtual assets. In June 2026, an FBR official told Arab News that crypto is already taxable under existing law: gains on sale as capital gains, mining as business income. A 10% to 20% crypto tax was being discussed for the budget but is not in the ordinance text. Keep records of what you paid and received. See how to file an income tax return.

More guides: Investing, investment options in Pakistan, is forex trading legal in Pakistan.

Questions people ask

Can I buy crypto in Pakistan without P2P?

Not through a licensed local exchange yet. As of 8 October 2026, PVARA names no fully licensed provider, and SBP lets banks offer full services only to PVARA-licensed crypto firms.

Is it legal to buy bitcoin in Pakistan?

The Virtual Assets Act, 2026 regulates crypto businesses and lists no offence for an individual holding crypto. But businesses selling to you need a PVARA licence, and none is listed yet.

Why do bank accounts get frozen after P2P crypto trades?

In a case reported in 2021, FIA froze the accounts of 1,064 people linked to crypto trades, including people who bought or sold through Binance P2P, and banks blocked credit cards linked to crypto transactions.

Do I need to pay tax on crypto profits?

FBR's Income Tax Ordinance, amended to 30 June 2026, has no crypto-specific section. An FBR official told Arab News in June 2026 that gains are already taxable as capital gains under existing law.

Sources

  1. Licensing, PVARA (accessed 8 Oct 2026)
  2. PVARA home page: transitional deadline and NOC news, PVARA (accessed 8 Oct 2026)
  3. FAQ, PVARA (accessed 8 Oct 2026)
  4. Virtual Assets Act, 2026 (as passed by the National Assembly), PVARA (accessed 8 Oct 2026)
  5. EPD Circular Letter No. 08 of 2022, State Bank of Pakistan (accessed 8 Oct 2026)
  6. Income Tax Ordinance, 2001 (amended up to 30 June 2026), FBR (accessed 8 Oct 2026)
  7. PVARA issues NOCs to Binance and HTX, Dawn (accessed 8 Oct 2026)
  8. SBP permits bank accounts for licensed virtual asset providers, Geo News (accessed 8 Oct 2026)
  9. Pakistan's Virtual Assets Act, 2026: legal architecture of the PVARA licensing regime, ABS & Co (accessed 8 Oct 2026)
  10. FIA to freeze accounts and credit cards of those involved in crypto trading, PhoneWorld (accessed 8 Oct 2026)
  11. Pakistan considers 10-20% tax on cryptocurrency gains, Arab News Pakistan (accessed 8 Oct 2026)

Photo: Satheesh Sankaran / CC BY 2.0

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