Pakistan has officially opened its crypto market to international businesses, inviting top exchanges and virtual asset service providers (VASPs) to apply for licences under a new federal framework.
On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) issued a call for Expressions of Interest (EoIs) from major crypto firms, according to a report by 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 Limited to Regulated Firms
The opportunity is only open to companies already licensed by recognised regulators. These include the US Securities and Exchange Commission (SEC), the UK’s Financial Conduct Authority, the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority, and the Monetary Authority of Singapore.
Applicants must submit company details such as existing licences, services offered — including trading, custody and payments — along with technology and security standards, assets under management, revenue figures, compliance history and a Pakistan-specific business plan.
Focus on Compliance and Innovation
PVARA said the new framework aims to reduce risks of illicit finance while unlocking new opportunities in fintech, remittances and tokenisation. It also plans to support Shariah-compliant financial products through regulatory sandboxes.
Part of Pakistan’s Virtual Assets Ordinance 2025
PVARA was established under the Virtual Assets Ordinance 2025 and will oversee the licensing, regulation and supervision of VASPs. Its mandate is aligned with international standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF) and the World Bank.
