Pakistan is officially welcoming global cryptocurrency firms, inviting prominent exchanges and virtual asset service providers (VASPs) to apply for operating licenses under a newly established federal regulatory framework.
Reports from local news source, Dawn, indicate that on Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) formally requested that major cryptocurrency businesses submit Expressions of Interest (EoIs) to gain entry into the nation’s rapidly evolving digital asset marketplace.
Bilal bin Saqib, Chairman of PVARA and Minister of State for Crypto and Blockchain, stated, “This EoI represents our invitation for leading VASPs worldwide to collaborate with us in creating a transparent and inclusive digital financial environment for the future of Pakistan.”
Eligibility to apply is currently restricted to firms that have already secured licenses from recognized regulatory bodies, including the U.S. Securities and Exchange Commission (SEC), the United Kingdom’s Financial Conduct Authority, the virtual asset regulatory guidelines of the European Union, the UAE’s Virtual Assets Regulatory Authority, and the Monetary Authority of Singapore.
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Applications must include comprehensive company overviews, existing licenses held and jurisdictions covered, a detailed description of proposed services (such as trading platforms, custodial services, and payment solutions), an overview of technology and security protocols, the total value of assets managed, records of revenue generated, demonstrated compliance history, and a business model specifically tailored for the Pakistani market.
The PVARA has stated that this regulatory framework is designed to combat illicit financial activities while simultaneously fostering innovation in financial technology, promoting cross-border remittances, and facilitating asset tokenization, including the development of Shariah-compliant financial products through regulatory sandboxes.
The PVARA, established by the Virtual Assets Ordinance 2025, is responsible for the licensing, regulation, and ongoing supervision of VASPs, ensuring compliance with standards established by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.
Related: Pakistani Crypto Minister and El Salvador’s President Discuss Bitcoin Strategies
Pakistan Ranks Among Top Nations for Cryptocurrency Adoption
As previously reported, Pakistan has achieved the third-highest position in Chainalysis’ 2025 Global Crypto Adoption Index, climbing six places and solidifying its position as one of the world’s most rapidly expanding cryptocurrency markets.
In May, Pakistan unveiled its intentions to create a government-backed Bitcoin Strategic Reserve. Speaking at the Bitcoin 2025 conference held in Las Vegas, Bilal Bin Saqib emphasized that this initiative demonstrates Pakistan’s forward-thinking and pro-cryptocurrency regulatory posture.
Furthermore, the nation has designated 2,000 megawatts of surplus electricity for Bitcoin (BTC) mining operations and the establishment of AI centers, as part of a comprehensive project championed by the Pakistan Crypto Council and supported by the Ministry of Finance.
However, in July, the International Monetary Fund (IMF) voiced concerns about Pakistan’s proposal to allocate surplus energy resources to cryptocurrency mining activities, specifically objecting to the provision of subsidized electricity to energy-intensive industries, including Bitcoin mining.
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