Dubai's regulator has given Bybit a full licence, but only for spot exchange services, not the derivatives the platform is known for. In Pakistan, where Bybit is one of the two P2P venues behind our live rupee price, no crypto platform is licensed yet.
Google now accepts Dubai's crypto licence for exchange ads aimed at the UAE. Neither Google's nor Meta's crypto ad rules list Pakistan or PVARA, which has licensed no one. Here is what that means for the crypto promotions in your feed.
A new IMF working paper estimates that people in Pakistan held about $5.8 billion in stablecoins at the end of 2025, roughly 1.4% of GDP. It also finds that stablecoin use jumps when countries restrict capital outflows or suffer currency crises, and stays high afterwards.
Pakistan has agreed with Binance to explore tokenising up to $2 billion of state assets, and PVARA says its sandbox is testing gold and property. Its rules already say what a token issued under them needs: full backing, a licensed custodian, a whitepaper and redemption.
Binance has launched a $1 million rewards campaign it says covers Pakistan, including prizes for futures trading and referrals. Pakistan's crypto rules require some exchanges still waiting for a licence to get PVARA's approval before marketing. Nobody has said whether that applies here.
Every day in September, buying USDT with rupees on peer-to-peer markets cost more than the official dollar rate. The extra averaged 2.65%, about Rs7,300 on every 1,000 USDT, and rose late in the month. This is the first edition of our monthly report on the gap.
No Pakistani law bans you from holding or trading USDT, and no regulator licenses the people who sell it to you. Using it to pay for things at home is a different matter. Here is what the Virtual Assets Act, PVARA's rules and the State Bank actually say.
The State Bank lifted its 2018 crypto ban for banks in April, but only for firms PVARA has licensed, and there are none yet. For individuals who buy and sell USDT on P2P markets, the circular changes less than many think. Here is what it says, and what to do if your account is blocked.
If you have lost money to a crypto scam in Pakistan, three places can act: your bank or wallet, the National Cyber Crime Investigation Agency, and PVARA. Here is the order to go in, and what each will ask you for.
Dubai's regulator has licensed Kraken's parent to serve retail clients, and Kraken says it will launch within weeks. Pakistani workers in the UAE sent home $748.5 million in September. On the Pakistani side of that corridor, no crypto platform is licensed.
Pakistan's crypto regulator says it has received 75 applications. Its chairman's post does not say who filed them or for what. No firm holds a licence yet, so banks still cannot settle crypto trades for anyone.
Pakistanis abroad sent $3.6 billion home in September, the third month since the State Bank stopped paying for free transfers. On P2P markets, USDT stayed above the official rate every day.
On 10 October 2025, more than $19 billion of leveraged crypto bets were force-closed in a day, about Rs5.4 trillion. Pakistan now has written rules for exactly that business. No firm is licensed to run it yet.
Bitcoin hit its record on 6 October 2025. A year on, it is 32% lower in dollars and 33% lower in rupees, because the rupee firmed in between. For Pakistanis who buy through USDT on P2P, the price is higher still.
Pakistan's crypto licensing rules are not a draft. They took effect on 21 August and set a minimum capital for each kind of licence, from Rs15 million for advice to Rs500 million to run an exchange.
