Pakistan has officially opened its doors to global crypto companies, inviting top exchanges and virtual asset service providers (VASPs) to apply for licenses under a new federal framework.
On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) issued a call for Expressions of Interest (EoIs) from leading firms looking to enter the country’s digital asset sector, local outlet Dawn reported.
“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan.”
Bilal bin Saqib, PVARA chair and minister of state for crypto and blockchain.
Only companies already licensed by major global regulators will be eligible. This includes firms regulated by the U.S. Securities and Exchange Commission (SEC), the UK’s Financial Conduct Authority (FCA), the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority (VARA), and Singapore’s Monetary Authority (MAS).
Pakistan Sets Strict Entry Rules for Crypto Firms
Companies applying to operate in Pakistan’s digital asset market must submit detailed profiles covering their existing licenses and jurisdictions, the services they plan to offer (such as trading, custody, or payments), their technology and security standards, assets under management, revenues, compliance history, and a business model tailored to the local market.
PVARA said the framework is designed to fight illicit finance while opening opportunities in fintech, remittances, and tokenization. It also includes space for Shariah-compliant financial products tested through regulatory sandboxes.
Created under the Virtual Assets Ordinance 2025, PVARA is responsible for licensing, regulating, and supervising VASPs in line with international benchmarks set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.
In May, Pakistan revealed plans to create a government-backed Bitcoin Strategic Reserve. The announcement was made at the Bitcoin 2025 conference in Las Vegas, where Bilal bin Saqib said the initiative highlights Pakistan’s shift toward a more pro-crypto regulatory stance.
