Pakistan does not have a “risk appetite” problem.
It has an access, friction, and institutional design problem.
That distinction matters — because it explains why millions of Pakistanis can buy crypto in minutes, while fewer than half a million actively participate in the Pakistan Stock Exchange after 75 years.
This gap is not cultural. It is structural.
The Headline Numbers (The Mismatch Is Real)
Pakistan today is estimated to have:
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~20 million crypto users (primarily via global platforms)
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~464,000 total PSX UINs (unique investor numbers)
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Only ~12,000–15,000 new active trading accounts per month
That means less than 0.2% of Pakistan’s population directly participates in listed equities.
Meanwhile, crypto penetration exceeds 8% of the population.
This is not because crypto is safer.
It is because crypto is easier.
What the PSX Data Actually Shows (And Why It’s Misread)
Data from National Clearing Company of Pakistan shows something counter-intuitive:
Investor Geography (Monthly Snapshot)
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Karachi: ~3,400 accounts
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Lahore: ~1,900
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Islamabad: ~960
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Other cities combined: ~6,000+
More than half of new accounts are coming from outside the traditional big three cities.
This is critical.
It tells us:
