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:
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Demand exists beyond financial hubs
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Awareness is spreading via social media
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Friction, not interest, is the binding constraint
Crypto vs PSX: The Real Comparison (Strip Away the Noise)
Crypto Onboarding
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CNIC or passport
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Face scan
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Bank/card link (optional)
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Minutes to first trade
PSX Onboarding
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Broker KYC
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Bank KYC (again)
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CDC/NCCPL verification
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Physical or semi-digital documentation
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Multiple income proofs
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Waiting period: days to weeks
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Overseas Pakistanis: often rejected or delayed
This duplication exists despite banks already performing KYC.
That is not prudence.
That is institutional siloing.
The Institutional Coordination Failure
Pakistan does not lack data.
It lacks integration.
