Pakistan’s $300Billion Crypto Trading Volume in 2025: What the Numbers Reveal

Pakistan's cryptocurrency market is a rapidly expanding ecosystem that, according to 2025 industry reports, handles more than US$300billion in annual trading volume. The figure combines activity on international exchanges, local peer‑to‑peer (P2P) platforms, and emerging mobile‑money bridges that let users convert rupees into digital assets.

Breaking down the $300Billion claim

The $300billion number comes from a mix of on‑chain analytics, exchange‑provided trade data, and surveys of P2P operators. Roughly 55% of the volume is estimated to flow through offshore centralized exchanges such as Binance and Kraken, where Pakistani traders use fiat‑to‑crypto gateways that bypass the domestic banking system. The remaining 45% originates from local P2P marketplaces like LocalBitcoins and dedicated Pakistani platforms that match buyers with sellers via mobile wallets (Easypaisa, JazzCash).

Because many P2P deals are settled off‑chain, traditional volume trackers under‑report the true scale. Researchers compensate by aggregating transaction logs from mobile‑money APIs and by applying a multiplier derived from user‑survey data. The resulting adjusted figure lands close to the $300billion mark.

Who is trading? - User base and growth rates

CoinLaw’s 2025 report recorded 18.2million verified crypto accounts, a 5.4million surge over the previous year. Independent estimates, however, suggest that more than 40million Pakistanis hold some form of digital asset, reflecting the extensive use of informal wallets and family‑shared accounts. The discrepancy highlights the challenge of counting a market that operates heavily outside regulated channels.

Key demographics:

• Age 18‑35: 68% of active traders, driven by high smartphone penetration.
• Urban centres (Karachi, Lahore, Islamabad): 75% of volume, owing to better internet infrastructure.
• Freelancers and gig workers: 22% of total trades, using crypto for cross‑border payments.

Why the explosive adoption?

The Pakistani rupee has depreciated by over 30% against the US dollar since 2020, pushing investors to seek hedges. Bitcoin (BTC) accounts for roughly 60% of trade pairs, while Ethereum (ETH) captures 20% and stablecoins-mainly USDT-cover the remaining 20% for short‑term hedging. Mobile money services have become de‑facto fiat gateways, allowing users to top‑up their crypto wallets directly from Easypaisa or JazzCash accounts.

Other growth catalysts include:

• Limited domestic investment products, making crypto a perceived alternative portfolio asset.
• A youthful, tech‑savvy population; the Pakistan Bureau of Statistics reports that 62% of internet users are under 30.
• Increasing awareness of blockchain through university courses and local meet‑ups.

Infrastructure and mining - State involvement

In early 2025 the government earmarked 2,000MW of surplus electricity for Bitcoin mining, signaling a strategic shift from outright prohibition (the 2018 State Bank ban) to a more nuanced approach. Pilot mining farms in the Thar Desert have begun operating with renewable‑energy blends, aiming to lower the carbon intensity of hash power.

These initiatives have attracted foreign investors who see Pakistan as a low‑cost, high‑potential mining location. Estimated hash‑rate growth of 35% YoY places the country among the top ten global mining hubs, according to the Global Crypto Mining Index.

Regulatory outlook - From bans to potential frameworks

The State Bank of Pakistan (SBP) initially declared all crypto activities illegal in 2018, crippling formal banking integration. Over the past two years, however, SBP has opened a dialogue with industry groups, and a draft “Virtual Asset Regulation” is slated for parliamentary review in early 2026.

Key regulatory signals:

• Licensing proposals for crypto exchanges that partner with local banks for AML/KYC compliance.
• Tax guidance treating capital gains from crypto as taxable income, aligning with global best practices.
• Potential creation of a national Bitcoin reserve, which could lock up a portion of mined coins for sovereign wealth purposes.

Until the framework is finalized, most activity will remain in the gray zone, meaning investors should monitor policy updates closely.

Pakistan versus the world - Comparative snapshot

Pakistan’s volume punches above its weight when you consider its GDP and per‑capita income. The adoption index places it third globally, a striking leap from its 2020 position outside the top ten.

Risks, opportunities and practical takeaways

Risks

• Regulatory uncertainty - potential retroactive penalties if future laws tighten.
• Infrastructure gaps in rural areas limit market depth.
• Price volatility of major assets; hedging with stablecoins is common but not foolproof.

Opportunities

• Early‑stage mining projects benefiting from cheap electricity.
• Fintech startups building compliant fiat‑to‑crypto bridges.
• Investment funds targeting emerging‑market crypto exposure.

For a newcomer, start with a reputable international exchange that supports Pakistani users, use a trusted mobile‑money gateway for fiat deposits, and keep a close eye on SBP announcements. Diversifying between BTC, ETH, and stablecoins can smooth out rupee‑driven swings.