Pakistan has officially invited international cryptocurrency exchanges and virtual asset firms to apply for licenses to operate in its domestic market, as reported by The News on Sunday. The Pakistan Virtual Asset Regulatory Authority (PVARA), established under the Virtual Assets Ordinance 2025, has issued a global call for Expressions of Interest (EoI) from Virtual Asset Service Providers (VASPs) to expand into the South Asian nation.
This move aligns with the country’s efforts to bring its oversight framework in line with international standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank. It also aims to regulate its large base of digital asset users. Pakistan’s crypto market is estimated to have over 40 million users with an annual trading volume exceeding $300 billion, making it one of the most active frontier markets for digital assets.
Under the new law, PVARA is empowered to license, regulate, and supervise VASPs, with regulations covering anti-money laundering (AML), counter-terrorism financing (CFT), and cybersecurity. “This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” said Bilal bin Saqib, PVARA Chairperson and Minister of State for Crypto and Blockchain, in a statement.
Licensing is open to firms already regulated in jurisdictions such as the US, UK, EU, UAE, or Singapore, with a proven track record of compliance with AML, CFT, and Know Your Customer (KYC) requirements. Applicants must submit details of their existing licenses, compliance history, operations, and their proposed business models for Pakistan. The authority stated that submissions will be accepted on a rolling basis.
This initiative builds on efforts by the government-backed Pakistan Crypto Council (PCC), which was formed in March to drive the adoption of virtual assets. The PCC is exploring Bitcoin mining using surplus energy, has appointed Binance founder Changpeng Zhao as a strategic adviser, and plans to establish a state-run Bitcoin reserve. It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial.
