Pakistan's Crypto Leap Leaving India Behind? Here Are How The Two South Asian Countries Compare

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Pakistan has lately accelerated efforts to integrate cryptocurrencies into its financial system, while neighboring rival India continues to take a more cautious approach, with limited progress toward comprehensive regulation.

In a notable shift, Pakistan's central bank now allows banks to service licensed virtual asset providers, marking the end of an eight-year lull in regulated cryptocurrency activity.

Bilal Bin Saqib, Chairman of the country’s federal regulator for virtual assets, said that the country will now move from “restriction to regulation,” and “from ambiguity to institutional clarity.”

For nearly eight years, Pakistan's virtual asset sector had activity but no lawful banking rails. That changes now.

With @StateBank_Pak enabling banks to open accounts for PVARA-licensed providers, Pakistan has moved from restriction to regulation, and from ambiguity to… https://t.co/JXEOl4vJSp

— Bilal bin Saqib MBE (@Bilalbinsaqib) April 15, 2026

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The move is part of Pakistan's ongoing cryptocurrency pivot, as it works to attract global players and position the country as a global hub of digital assets.

It has roped in Binance co-founder Changpeng Zhao as strategic advisor of the Pakistan Crypto Council, a government-backed regulatory body tasked with promoting blockchains and digital assets within the country. Operational approvals have been granted to businesses linked to Tron founder Justin Sun.

Additionally, Pakistan has partnered with World Liberty Financial (WLFI), a decentralized platform affiliated with President Donald Trump's family, to "explore" stablecoins for cross-border transactions.

In fact, at the Bitcoin 2025 conference, Saquib said that Pakistan would establish a Strategic Bitcoin Reserve, following the example set by Trump.

Pakistan's finance ministry also announced plans to assign 2000 megawatts of electricity to power BTC mining and artificial intelligence data centers, a move that could potentially aid in stabilizing the country’s energy challenges.

However, while the Federal Board of Revenue is actively exploring ways to tax profits, income, and assets from crypto trading, tech and dispute resolution lawyer Ayaan Shehrayar noted that the country still lacks the necessary implementation mechanisms currently.

See Also: Avoid the #1 Investing Mistake: How Your ‘Safe' Holdings Could Be Costing You Big Time

In contrast, India—boasting a $4 trillion economy, 65% higher per capita income, and stronger growth—has been notably restrained.

While cryptocurrencies are treated as Virtual Digital Assets and taxed under the country’s laws, there is no dedicated licensed framework in place.

India imposes a 30% flat tax on income from the transfer of virtual digital assets, including cryptocurrencies and non-fungible tokens. The 30% tax applies regardless of holding period or income slab. In addition, a 1% tax is deducted on all transfers, including sales.

Raghav Chadha, a member of India's upper chamber of Parliament, urged the government earlier this year to establish a regulatory framework for cryptocurrencies and stablecoins. He pointed out the contradiction of imposing taxes on cryptocurrency gains while offering no legal status, investor safeguards, or anti-money laundering regulations.

South Asia continues to lead in grassroots cryptocurrency adoption, as India ranked first and Pakistan third in Chainalysis' 2025 Global Crypto Adoption Index.

It’s worth noting that neither of the two countries recognizes cryptocurrencies as legal tender as of this writing.

Photo Courtesy: xbrchx on Shutterstock.com

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