https://arab.news/bc3bx
- Country says its digital market serves over 40 million users with $300 billion in annual trading
- Government calls licensing a key move to align Pakistan’s crypto sector with global financial rules
KARACHI: Pakistan on Saturday invited international crypto exchanges and other virtual asset service providers (VASPs) to apply for licenses to operate in the country, in a move aimed at formalizing and regulating a fast-growing digital market that authorities say serves over 40 million users with about $300 billion in annual trading volume.
The call for expressions of interest (EoI) comes from the newly created Pakistan Virtual Asset Regulatory Authority (PVARA), set up under the Virtual Assets Ordinance 2025. The agency said the initiative will bring Pakistan’s virtual asset sector in line with global standards on anti-money laundering and counter-terrorism financing and provide a secure framework for fintech innovation.
“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 chairman and minister of state for crypto and blockchain.
According to a statement issued by his office, applicants must already be licensed in at least one major jurisdiction and show strong compliance with anti-money laundering, counter-terrorism financing and know-your-customer rules.
Required submissions include company profiles, licensing details, operational overviews, compliance histories and proposed business models for Pakistan.
The authority, governed by a board that includes the heads of the State Bank of Pakistan, the Securities and Exchange Commission and the Federal Board of Revenue, will oversee licensing and supervision, and offer regulatory sandboxes to encourage Shariah-compliant innovation.
PVARA said applications will be accepted on a rolling basis via email.
Pakistan views the measure as a “pivotal step” toward integrating its digital-asset economy with global financial norms while protecting consumers and combating illicit finance, the statement added.