As cryptocurrency gains traction in Pakistan, investors are increasingly drawn to the promise of quick profits. Yet, behind this allure lies a growing wave of scams. Fraudsters posing as international trading firms on WhatsApp or fake exchanges on Telegram have swindled millions, leaving victims frustrated and helpless.
To address this challenge, the Pakistan Virtual Assets Regulatory Authority (PVARA) has introduced a dedicated Grievance Cell aimed at protecting crypto investors from fraud, misleading advertising, and disputes with virtual-asset service providers. This initiative marks Pakistan’s first structured mechanism for citizens to formally report scams and unfair practices in the digital-asset space.
The Grievance Cell will serve as a one-stop complaint portal, accessible via pvara.gov.pk/grievance-cell and complaints@pvara.gov.pk. Currently in its final testing phase, the platform promises verified complaint handling, routed directly to specialized investigation teams once it goes live. Officials highlight that this effort is designed to bring greater transparency and accountability to Pakistan’s rapidly expanding crypto market.
The move comes at a crucial time. Across the country, fraudulent crypto schemes have been devastating. In a recent case in Gujranwala, the National Cyber Crime Investigation Agency (NCCIA) uncovered a scam that defrauded a local resident of Rs 1.28 million through fake WhatsApp profiles impersonating representatives of an international trading firm.
Pakistan’s initiative reflects a broader global trend. Many countries are tightening oversight of digital-asset marketing, not merely for regulatory purposes but as a strategic measure. With over 10 million crypto users in Pakistan, unregulated activity poses risks to the country’s financial stability. Strengthening oversight not only safeguards investors but also aligns with Financial Action Task Force (FATF) compliance goals, while fostering confidence in legitimate blockchain investments.
As Pakistan ventures further into the digital asset space, the establishment of the Grievance Cell underscores a commitment to protecting citizens and promoting a safer, more transparent environment for cryptocurrency investment.
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