PVARA asks global crypto exchanges to apply for local licences

ISLAMABAD: Pakistan has invited international cryptocurrency exchanges and virtual asset firms to apply for licences to operate in its domestic market.

The Pakistan Virtual Asset Regulatory Authority (PVARA), created under the Virtual Assets Ordinance 2025, issued a call on Saturday for expressions of interest from global Virtual asset service providers (VASPs) to expand into the South Asian nation. The move comes as the country seeks to align its oversight framework with standards set by the Financial Action Task Force, the IMF and the World Bank and looks to regulate its large pool of digital asset users.

Pakistan’s crypto market is estimated to have more than 40 million users with an annual trading volume exceeding $300 billion, making it among the most active frontier markets for digital assets. Under the new law, PVARA has been empowered to license, regulate and supervise VASPs, with rules covering anti-money laundering, counter-terrorism financing and cybersecurity.

“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, chairperson of PVARA and minister of state for crypto and blockchain, said in a statement.

Licensing will be open to firms already regulated in jurisdictions such as the US, UK, EU UAE or Singapore, with proven compliance on anti-money laundering, counter-terrorism financing and know-your-customer requirements. Applicants are required to submit details of their licences, compliance history, operations and proposed business models for Pakistan. Submissions will be accepted on a rolling basis, the authority said.