Pakistan’s Virtual Assets Act, 2026 cleared both chambers of parliament in early March. After presidential assent, one of the world’s largest crypto markets (40 million users, $25 billion in annual trading volume) will move from regulatory limbo to formal legislation.

But there is a problem: Pakistan has created a licensing regime for exchanges, custody, broker-dealers and derivatives. What it has not done is create a framework for stablecoins. And stablecoins are how Pakistan’s crypto economy actually functions. Over $30 billion in annual remittances flow through…