Pakistan has opened its doors to international cryptocurrency companies, inviting leading exchanges and virtual asset service providers (VASP) to apply for licenses under the new federal system.
According to local news media Dawn, on Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) called for major cryptocurrency companies to submit expressions of interest (EoI) to enter the country's digital asset market.
"This expression of interest is our invitation to globally leading VASPs to work together to build a transparent and inclusive digital financial future for Pakistan," said PVARA Chairman and Minister of State for Cryptocurrency and Blockchain Bilal bin Saqib.
Eligibility is limited to companies that have obtained licenses from recognized regulatory bodies, including the U.S. Securities and Exchange Commission (SEC), the UK's Financial Conduct Authority, the EU VASP framework, the UAE Virtual Assets Regulatory Authority, and the Monetary Authority of Singapore.
Submitted materials should include a company profile, existing licenses and jurisdictions, proposed services (such as trading, custody, and payments), technology and security standards, asset management, revenue, compliance records, and Pakistan-specific business models.
PVARA stated that the framework aims to curb illegal financial activities while unleashing opportunities in fintech, remittances, and tokenization, including offering Sharia-compliant products through a regulatory sandbox.
Established under the 2025 Virtual Assets Regulations, PVARA is responsible for licensing, regulating, and supervising VASPs according to standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.
According to Cointelegraph, Pakistan has jumped to third place in Chainalysis's 2025 Global Cryptocurrency Adoption Index, rising six spots to become one of the fastest-growing cryptocurrency markets in the world.
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 stated that this move reflects Pakistan's new supportive approach to cryptocurrency regulation.
The country has also allocated 2,000 megawatts of surplus electricity for Bitcoin (BTC) mining and AI centers, as part of an initiative led by the Pakistan Cryptocurrency Committee and supported by the Ministry of Finance.
However, in July, the IMF expressed concerns about Pakistan's plans to use surplus electricity for cryptocurrency mining, rejecting proposals to provide subsidized electricity to energy-intensive industries, including Bitcoin miners.
Related: Reports indicate that developers in Latin America prefer Ethereum (ETH) and Polygon over emerging public chains.
Original article: “Pakistan Invites Global Crypto Firms to Apply for Licenses to Operate in the Country”
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