Pakistan has opened the door to international crypto businesses, inviting leading exchanges and virtual asset service providers (VASPs) to apply for licenses under a new federal regime.
On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) called on major crypto firms to submit Expressions of Interest (EoIs) to enter the country’s digital asset market, according to a report by local news outlet Dawn.
“This EoI 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.
Eligibility is limited to firms already licensed by recognized regulators, including the US Securities and Exchange Commission (SEC), the UK Financial Conduct Authority, the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority and the Monetary Authority of Singapore.
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Pakistan sets strict entry criteria
Submissions should include company profiles, existing licenses and jurisdictions, services proposed (such as trading, custody and payments), technology and security standards, assets under management, revenues, compliance track record and a Pakistan‑specific business model.
PVARA said the framework aims to curb illicit finance while unlocking fintech, remittance, and tokenization opportunities, including Shariah‑compliant products via regulatory sandboxes.
PVARA, set up under the Virtual Assets Ordinance 2025, is tasked with licensing, regulating and supervising VASPs in line with standards set by the Financial Action Task Force (FATF), International Monetary Fund (IMF) and World Bank.
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Pakistan ranks 3rd in global crypto adoption
As Cointelegraph reported, Pakistan surged to third place in Chainalysis’ 2025 Global Crypto Adoption Index, climbing six spots and emerging as one of the world’s fastest-growing crypto markets.
In May, Pakistan announced plans to establish a government-led Bitcoin Strategic Reserve. Speaking at the Bitcoin 2025 conference in Las Vegas, Bilal Bin Saqib said the move reflects Pakistan’s new pro-crypto regulatory approach.
The country also earmarked 2,000 megawatts of surplus electricity for Bitcoin (BTC) mining and AI centers as part of an initiative led by the Pakistan Crypto Council and supported by the Ministry of Finance.
However, in July, the IMF expressed concerns regarding Pakistan’s plan to use surplus electricity for crypto mining, rejecting a proposal to offer subsidized power to energy-intensive industries, including Bitcoin miners.
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