Pakistan Invites Crypto Firms to Apply for Licenses Under New Framework

Pakistan has taken a significant step toward formalizing its cryptocurrency market by launching a federal licensing regime for international digital asset businesses. The Pakistan Virtual Asset Regulatory Authority (PVARA) is now soliciting Expressions of Interest from global exchanges and virtual asset service providers (VASPs).

"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. The move aims to balance regulatory oversight with fintech innovation, including Shariah-compliant products.

Eligibility is restricted to firms already licensed by major regulators such as the SEC, FCA, or MAS. Applicants must disclose comprehensive operational details, from security protocols to compliance histories. The framework, established under the VIRTUAL Assets Ordinance 2025, explicitly targets illicit finance prevention while enabling remittance solutions and asset tokenization.