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Pakistan has welcomed international cryptocurrency businesses, inviting prominent exchanges and virtual asset service providers (VASPs) to apply for licenses under a new federal framework. The Pakistan Virtual Asset Regulatory Authority (PVARA) recently called for Expressions of Interest (EoIs) from major crypto firms to engage in the nation’s digital asset market. PVARA chair Bilal bin Saqib emphasized the goal of fostering a transparent and inclusive digital financial future. Eligible firms must hold licenses from recognized regulators, including the US SEC and the UK Financial Conduct Authority. Applicants are required to submit detailed profiles, including existing licenses, proposed services, and compliance records. The initiative aims to combat illicit finance while promoting fintech and Shariah-compliant products through regulatory sandboxes. Established under the Virtual Assets Ordinance 2025, PVARA is responsible for overseeing VASPs in accordance with international standards. Pakistan has rapidly advanced in the crypto space, recently ranking third in Chainalysis’ Global Crypto Adoption Index.$BTC
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