- Bilal bin Saqib, in his capacity as both Chairman of the PVARA and State Minister for Crypto and Blockchain, has issued a public statement.
- To be considered eligible, companies must hold valid licenses from well-regarded regulatory organizations, including bodies such as the SEC, FCA, VASP authorities, VRAA, MOF, or MAS.
Pakistan is actively soliciting applications from major cryptocurrency exchanges and Virtual Asset Service Providers (VASPs) under a freshly established federal framework, signaling an open invitation to international crypto businesses to operate within the country.
According to the Pakistani news outlet Dawn, the Virtual Asset Regulatory Authority (PVARA) has extended an invitation to prominent crypto firms to participate in the burgeoning digital asset market by submitting Expressions of Interest (EoIs).
Bilal bin Saqib, who serves as both the Chairman of PVARA and the State Minister for Crypto and Blockchain, conveyed a message encouraging top-tier VASPs worldwide to collaborate in shaping a transparent and inclusive digital financial ecosystem for Pakistan.
Careful Selection
The selection process will prioritize companies possessing licenses from respected regulatory institutions like the SEC, FCA, dedicated VASP regulators, VRAA, MOF, or MAS. Required submissions should encompass company overviews, existing licenses with their respective jurisdictions, the range of services offered (spanning trading, custody solutions, and payment functionalities), details on security and technology infrastructure, total assets under management, revenue figures, records of compliance, and a comprehensive business plan specifically adapted for the Pakistani market.
The PVARA emphasizes that the framework is designed to curb illicit financial activities while simultaneously unlocking opportunities in fintech innovations, remittance solutions, and asset tokenization, notably including the development of Shariah-compliant financial products via regulatory sandbox environments.
Established under the Virtual Assets Ordinance of 2025, the PVARA is tasked with the critical functions of licensing, regulating, and supervising VASPs, ensuring alignment with guidelines set forth by the FATF, IMF, and World Bank.
Pakistan declared the establishment of a government-led Bitcoin Strategic Reserve this past May. Bilal Bin Saqib highlighted this decision at the Bitcoin 2025 conference held in Las Vegas, emphasizing it as indicative of Pakistan’s evolving and supportive regulatory stance towards cryptocurrency.
The Pakistan Crypto Council, supported by the Ministry of Finance, spearheaded an initiative to allocate 2,000 MW of surplus national power resources to Bitcoin mining operations and artificial intelligence research centers.
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