Pakistan Invites Global Crypto Firms To Apply For Operating Licenses
New regulatory authority PVARA sets strict compliance criteria for entry
Pakistan has officially invited international crypto firms to apply for licenses under its newly established Pakistan Virtual Asset Regulatory Authority (PVARA), opening the door for exchanges and virtual asset service providers (VASPs) to enter the country’s digital asset market.
On Saturday, PVARA called on leading firms to submit Expressions of Interest (EoIs), according to local outlet Dawn. “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 chair and minister of state for crypto and blockchain.
Eligibility is restricted to firms already licensed by top global regulators, including the US SEC, UK FCA, EU’s VASP framework, UAE’s VARA, and Singapore’s MAS.
Pakistan sets strict entry criteria
Applicants must provide detailed company profiles, proof of existing licenses, proposed services such as trading, custody, and payments, technology standards, compliance track record, and Pakistan-specific business models.
PVARA said the framework is designed to prevent illicit finance while unlocking opportunities in fintech, remittances, and tokenization, including Shariah-compliant products via regulatory sandboxes.
Established under the Virtual Assets Ordinance 2025, PVARA will oversee licensing, regulation, and supervision of VASPs in line with FATF, IMF, and World Bank standards.
Pakistan ranks 3rd in global crypto adoption
Pakistan has rapidly become one of the world’s fastest-growing crypto markets, ranking third in Chainalysis’ 2025 Global Crypto Adoption Index.
In May, the government announced plans to establish a Bitcoin Strategic Reserve. Bilal Bin Saqib said at the Bitcoin 2025 conference in Las Vegas that the move signals a new pro-crypto stance.
The country has also allocated 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers, spearheaded by the Pakistan Crypto Council and backed by the Ministry of Finance.
However, the IMF raised concerns in July, rejecting a proposal to provide subsidized electricity to crypto miners and other energy-intensive industries.
