ISLAMABAD – For Pakistanis diving into emerging world of cryptocurrency, the promise of quick profits has often come with hidden dangers. Scammers posing as international trading firms on WhatsApp or fake exchanges on Telegram have stolen millions, leaving victims frustrated and powerless.
To protect millions of cryptocurrency investors, Pakistan Virtual Assets Regulatory Authority (PVARA) rolled out dedicated Grievance Cell to tackle crypto fraud, deceptive advertising, and disputes with virtual-asset service providers. This marks the first structured mechanism in Pakistan allowing citizens to report digital-asset scams and unfair practice.
The new Grievance Cell will be one-stop complaint portal, accessible via pvara.gov.pk/grievance-cell and complaints@pvara.gov.pk. Although currently in the final testing phase, the platform promises verified complaint handling routed directly to specialized investigation teams once live. Officials emphasize that this step is designed to bring transparency and accountability to Pakistan’s rapidly growing crypto market.
The timing could not be more urgent. Across Pakistan, fraudulent crypto schemes have ripped off millions of rupees from unsuspecting investors. In Gujranwala, a sophisticated scam recently uncovered by the National Cyber Crime Investigation Agency (NCCIA) defrauded a local resident of Rs 1.28 million using fake WhatsApp profiles posing as representatives of an international trading firm.
Pakistan’s crackdown shows international trends. Several nations are pushing for tightening oversight on digital-asset marketing. These measures are not just regulatory as they are strategic. With over 1 Crore crypto users, unregulated activity could threaten the country’s financial stability. Strengthening oversight also aligns with FATF compliance goals while encouraging legitimate blockchain investment.
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