PVARA invites leading exchanges to apply under new federal framework
Pakistan has officially invited international cryptocurrency firms to apply for operating licenses under its newly established Pakistan Virtual Asset Regulatory Authority (PVARA), marking a major shift in the country’s digital finance policy.
According to government officials, PVARA will supervise licensing and regulation of virtual asset service providers (VASPs) in compliance with international standards. “This 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 licensing eligibility has been restricted to firms already authorized by top global regulators such as the US SEC, UK FCA, EU VASP framework, UAE VARA, and Monetary Authority of Singapore.
Applications must include detailed company profiles, existing licenses, technology frameworks, assets under management, compliance records, and Pakistan-specific business models. PVARA stated that the criteria aim to attract credible players while ensuring protection against illicit finance.
The framework also supports innovation through regulatory sandboxes, with opportunities in fintech, remittances, tokenization, and Shariah-compliant products tailored to local demand.
Global Compliance and Oversight
Established under the Virtual Assets Ordinance 2025, PVARA is mandated to align with FATF, IMF, and World Bank standards. This step places Pakistan among the few emerging markets actively seeking global crypto partnerships while embedding strict compliance at the core of regulation.
Pakistan’s Rising Crypto Adoption
Pakistan is already a fast-growing hub for digital assets. The country recently ranked third worldwide in the 2025 Global Crypto Adoption Index by Chainalysis, climbing six positions in a single year.
In May, Pakistan also announced plans for a government-led Bitcoin Strategic Reserve, alongside allocating 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers under the Ministry of Finance and Pakistan Crypto Council.
With its new licensing regime, Pakistan aims to position itself as a regional hub for digital assets, balancing innovation with regulatory safeguards. If executed successfully, the initiative could attract leading global exchanges and service providers, further accelerating the country’s role in the global crypto economy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.