Pakistan Invites Global Crypto Firms for Virtual Asset Licensing

Pakistan has initiated a formal licensing process for global cryptocurrency exchanges and virtual asset service providers (VASPs) through the newly established Pakistan Virtual Asset Regulatory Authority (PVARA), empowered under the Virtual Assets Ordinance 2025. The authority invites Expressions of Interest from firms already licensed by recognized international regulators such as the US SEC, UK FCA, EU VASP framework, UAE VARA, and Singapore MAS, aiming to build a transparent, secure, and regulated digital asset sector. With over 40 million active users and an estimated annual trading volume exceeding $300 billion, Pakistan's virtual asset market is rapidly growing and represents a significant opportunity for fintech and blockchain innovation, including Shariah-compliant products. The regulatory framework focuses on combating illicit finance, enforcing strong anti-money laundering (AML), counter-terrorism financing (CFT), and cybersecurity standards in alignment with global bodies like FATF, IMF, and the World Bank. Coordination with domestic agencies such as the Federal Board of Revenue, Securities and Exchange Commission of Pakistan, and the State Bank of Pakistan ensures comprehensive oversight and enforcement. PVARA's chairman, Bilal bin Saqib, emphasized the initiative as a pivotal step toward fostering a secure, innovative, and inclusive digital financial future for Pakistan.