Pakistan Invites Global VASPs to Apply for Digital Asset Licenses

TLDR

• Pakistan has launched a new crypto regulator called the Pakistan Virtual Asset Regulatory Authority.
• PVARA is now accepting applications from international crypto exchanges and digital asset service providers.
• Only companies licensed by recognized global regulators are eligible to apply for operations in Pakistan.
• The authority was established under the Virtual Assets Ordinance 2025 which was passed in July.
• Pakistan’s crypto market includes more than 40 million users with over $300 billion in annual trading volume.

Pakistan has invited global crypto platforms to apply for licenses under a new regulatory authority. This move aims to formalize its vast digital asset market and establish oversight. The Pakistan Virtual Asset Regulatory Authority (PVARA) will supervise and license foreign virtual asset service providers (VASPs).

Global Crypto Firms Invited to Pakistan

Pakistan formed PVARA under the Virtual Assets Ordinance 2025, approved in July. The new body seeks global interest through an open call for expressions of interest. Only internationally licensed VASPs may apply under strict guidelines.

The finance ministry confirmed that applications are open on a rolling basis through email. PVARA will review each submission based on regulatory and technical compliance. A multi-agency board will oversee its operations, including the State Bank and Federal Board of Revenue.

PVARA will regulate licensing, cybersecurity, and consumer protection. It also plans to introduce regulatory sandboxes for financial innovation. The agency’s objectives also include the development of Shariah-compliant financial tools.

Eligibility and Compliance Standards

Only VASPs with licenses from bodies like the U.S. SEC, UK FCA, or MAS Singapore may qualify. Pakistan requires applicants to follow know-your-customer and anti-money laundering standards. Compliance with Financial Action Task Force and IMF guidelines is also mandatory.

Applicants must submit detailed company profiles and information on services, assets, and compliance history. The submissions must include technology protocols, revenue data, and licensing history. Each must propose a sustainable business model tailored to Pakistan.

This marks Pakistan’s first structured effort to govern digital assets. The authority aims to reduce illicit finance and support fintech growth.

Pakistan’s crypto market exceeds $300 billion in annual trade volume. Over 40 million users contribute to making it one of the world’s largest unregulated crypto markets. The government sees this sector as vital for digital finance expansion.

The country now seeks credible international partnerships to strengthen its position in global finance. PVARA will act as a gateway for blockchain innovation in Pakistan. It will also support remittances and tokenized financial products.

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