Pakistan ranks sixth in global Crypto Adoption Index, signals potential market

Crypto market in Pakistan is estimated at $18-25bn despite regulatory challenges

According to a survey conducted by KuCoin, a global cryptocurrency exchange, one out of every ten crypto investors in Pakistan prefers to receive or pay salaries in virtual currency. 

The survey, titled “Into the cryptoverse: understanding Pakistani crypto investors 2023,” revealed that there is a growing adoption and interest in digital assets in Pakistan, which is considered a potentially large market based on its ranking of sixth on the Global Crypto Adoption Index by Chainalysis in 2022.

The motivations driving Pakistani crypto investors vary, including future aspirations, wealth accumulation, convenience, and value storage against currency depreciation. The survey highlighted different use cases for cryptocurrencies in Pakistan, with trading being the most common, followed by HODLing, peer-to-peer money transfers, and buying non-fungible tokens (NFTs).

The survey’s findings suggest the potential for mainstream adoption of cryptocurrencies in Pakistan and demonstrate the diverse ways in which crypto assets are being utilized in the country. The survey was conducted by a third party on behalf of KuCoin, using SurveyMonkey Audience and involved 500 adult crypto investors between May 5 and May 12.

Demographically, the majority of crypto investors in Pakistan are male, with the largest age group being Gen Y (aged 26-39), followed by Gen Z (aged 18-25). Most crypto investors have an annual household income of less than Rs 5 million, and a significant portion of new investors have entered the crypto market within the past three months.

The survey also revealed that a considerable number of crypto investors in Pakistan have made smaller investments, with 40% investing less than Rs 30,000 or $100. This trend is particularly noticeable among Gen Z investors, indicating that younger generations are starting with smaller investments, possibly due to limited financial resources or a cautious approach to cryptocurrency.

Despite the State Bank of Pakistan not recognizing crypto assets as digital currencies, rough estimates by stakeholders suggest that the annual trading volume of these digital assets in the country ranges from $18 billion to $25 billion.

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Monitoring Desk
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