- Pakistan has invited leading international crypto exchanges and virtual asset services to apply for licenses under a new national framework.
- The Pakistan Virtual Asset Regulatory Authority (PVARA) is seeking expressions of interest from firms already licensed in major jurisdictions.
- Applicants must provide detailed company information and adhere to strict technology, compliance, and security standards.
- The new framework aims to limit illegal financial activities while encouraging innovation in fintech, remittances, and digital finance.
- Pakistan ranks third worldwide for crypto adoption and has announced plans for a government-led Bitcoin reserve and use of surplus energy for crypto mining.
Pakistan has started accepting applications from major international crypto exchanges and virtual asset service providers to enter its digital asset market. The effort, led by the Pakistan Virtual Asset Regulatory Authority (PVARA), is part of a new federal licensing regime aimed at regulating and supervising the crypto sector.
The call for applications began on Saturday after PVARA urged qualified firms to submit Expressions of Interest, according to a report from Dawn. Only companies already licensed by regulators such as the U.S. Securities and Exchange Commission, the UK Financial Conduct Authority, the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority, or the Monetary Authority of Singapore are eligible.
Bilal bin Saqib, chair of PVARA and the minister of state for crypto and blockchain, said, “This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan.” Applicants must submit information including their company profile, current licenses and operating regions, proposed services, technology protocols, assets under management, revenue figures, past compliance, and a plan tailored to the Pakistani market.
PVARA stated the new regulations are designed both to prevent illicit financing and to stimulate digital innovation, such as fintech solutions, cross-border remittances, asset tokenization, and Shariah-compliant products. The authority was set up under the Virtual Assets Ordinance 2025 and will operate in line with guidance from the Financial Action Task Force, International Monetary Fund, and World Bank.
Pakistan is currently ranked third in global crypto adoption, climbing six spots in the Chainalysis 2025 Global Crypto Adoption Index. In May, the government revealed plans for a strategic Bitcoin reserve, as announced by Bilal bin Saqib at the Bitcoin 2025 conference in Las Vegas. The country plans to allocate about 2,000 megawatts of surplus electricity to support Bitcoin mining and Artificial Intelligence centers, an initiative led by the Pakistan Crypto Council and backed by the Ministry of Finance.
The International Monetary Fund raised concerns in July about using surplus electricity for crypto mining, rejecting a proposal to offer subsidized power to such industries. Despite this, Pakistan continues to expand its role in the global digital asset landscape.
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