Pakistan is actively courting international cryptocurrency firms, inviting leading exchanges and providers of virtual asset services (VASPs) to apply for operating licenses under a newly established federal regulatory structure.
According to a report in Dawn, a local news publication, the Pakistan Virtual Asset Regulatory Authority (PVARA) issued a call on Saturday for significant crypto businesses to formally express their interest (EoIs) in participating in the nation’s burgeoning digital asset marketplace.
Bilal bin Saqib, Chairman of the PVARA and Minister of State for Crypto and Blockchain, stated, “This Expression of Interest serves as our invitation for top-tier VASPs worldwide to collaborate with us in developing a transparent and inclusive digital financial landscape for Pakistan.”
Eligibility for consideration is restricted to companies that possess current operating licenses from respected regulatory agencies, including the US Securities and Exchange Commission (SEC), the UK Financial Conduct Authority, the EU’s regulatory framework for VASPs, the Virtual Assets Regulatory Authority in the UAE, and the Monetary Authority of Singapore.
Related: Demographics will ‘leapfrog’ Bitcoin adoption in Pakistan — Bilal Bin Saqib
Pakistan Imposes Detailed Entry Requirements
Applications must feature thorough company overviews, copies of existing licenses and geographical operating areas, a detailed explanation of the services offered (spanning trading, custodial services, and payment processing), security and technological protocols, total assets managed, revenue figures, evidence of regulatory compliance, and a custom-tailored business strategy for the Pakistani market.
The PVARA has announced that this framework is designed to combat illicit financial activities, promote innovation in financial technology, streamline international remittances, and encourage the tokenization of assets. The framework will also foster the development of Shariah-compliant financial products through the utilization of regulatory sandbox environments.
The PVARA, established in accordance with the Virtual Assets Ordinance 2025, holds the mandate to license, oversee, and manage VASPs, adhering to the compliance guidelines established by international organizations such as the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.
Related: Pakistan’s crypto minister, El Salvador’s president discuss Bitcoin strategy
Pakistan Achieves 3rd Rank in Worldwide Crypto Usage
As previously reported by Cointelegraph, Pakistan rose to the 3rd spot in Chainalysis’ 2025 Global Crypto Adoption Index, advancing six places and emerging as a crypto market experiencing exceptionally rapid expansion on a global scale.
In May, Pakistan disclosed intentions to form a government-managed Bitcoin Strategic Reserve. During his address at the Bitcoin 2025 conference in Las Vegas, Bilal Bin Saqib highlighted that this action underscores Pakistan’s progressive and supportive stance on cryptocurrency regulation.
Moreover, the government has allocated 2,000 megawatts of surplus energy for Bitcoin (BTC) mining operations and the development of AI facilities, a project driven by the Pakistan Crypto Council with the endorsement of the Ministry of Finance.
Conversely, in July, the IMF voiced reservations about Pakistan’s strategy to dedicate its excess power generation to crypto mining activities, rejecting any notion of providing subsidized electricity rates to energy-intensive sectors, including Bitcoin miners.
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