Virtual Assets Alliance of Pakistan launched

ISLAMABAD:

The Virtual Assets Alliance of Pakistan (Vaap) has been formally launched to improve the protection of cryptocurrency users, raise investor awareness and promote transparency and responsible practices in the country's digital assets industry.

The announcement was made at a press conference, where HTX Country Manager Syed Ehtesham Hamdani said the platform aimed to bring cryptocurrency users and businesses together.

Hunza Asif, founder of Asia Web3 Alliance Japan, has been appointed the alliance's first chairperson, while Hamdani has been named its senior vice-chairman.

Hamdani said Pakistan ranked third globally in cryptocurrency adoption, according to a global adoption index. However, he cautioned that estimates suggesting the country had 20 million cryptocurrency users were unverified, adding that no independently verified figures were available on the number of users.

He said the alliance would work to collect reliable data on cryptocurrency users, raise investor awareness and promote cybersecurity education.

The platform also brings together industry experts and prominent stakeholders and aims to encourage responsible market activities, evidence-based policy discussions, independent research and cooperation with local institutions, he added.

According to Hamdani, the alliance would work to make Pakistan's virtual assets industry more organised and effective while promoting transparency and responsible practices in the cryptocurrency market.