Pakistan has officially invited international cryptocurrency exchanges and digital asset firms to apply for local licences, aiming to regulate its booming market while ensuring compliance with global financial oversight standards. The Pakistan Virtual Asset Regulatory Authority (PVARA), established under the Virtual Assets Ordinance 2025, announced the call for applications and encouraged leading Virtual Asset Service Providers (VASPs) to expand into the country.
The initiative comes as Pakistan looks to align its crypto regulations with frameworks recommended by the Financial Action Task Force, International Monetary Fund, and World Bank. Officials believe this move will provide transparency, boost investor confidence, and safeguard against illegal financial activities linked to virtual assets.
Pakistan’s crypto market is considered one of the fastest-growing in the world, with over 40 million estimated users and an annual trading volume of more than $300 billion. This massive participation highlights both opportunities and risks, driving the government to establish strong regulations for the sector.
Under the new licensing framework, only firms already regulated in jurisdictions such as the US, UK, EU, UAE, or Singapore can apply. Applicants must provide details about their licences, compliance history, operations, and business models tailored to Pakistan’s market.
Bilal bin Saqib, chairperson of PVARA and minister of state for crypto and blockchain, said the authority aims to build “a transparent and inclusive digital financial future for Pakistan.” He stressed that compliance with anti-money laundering, counter-terrorism financing, and cybersecurity rules would remain a top priority.
The development builds on earlier efforts by the Pakistan Crypto Council (PCC), which is exploring Bitcoin mining using surplus energy and considering the establishment of a state-run Bitcoin reserve. The PCC has also appointed Binance founder Changpeng Zhao as an adviser and engaged with several US-based crypto firms.