Pakistan’s recently established crypto regulator has invited exchanges and virtual asset service providers (VASPs) to step forward if they want to participate in the country’s fast-growing digital economy.
Pakistan Invites Crypto Firms to Seek Licences Under New Regime: Local Media

Pakistan's Virtual Asset Regulatory Authority (PVARA) is seeking details from businesses that are already licensed and operating in a compliant way in their current jurisdictions, local media including Dawn news reported.
Standards alignment
PVARA has been tasked with formalizing the country’s crypto market in line with international standards set by the Financial Action Taskforce (FATF), International Monetary Fund (IMF), and the World Bank. An official government ordinance in July granted powers to license, regulate, and supervise VASPs while ensuring strong anti-money laundering (AML), counter-terrorist financing (CFT), and cybersecurity frameworks.
The Finance Ministry, in a statement issued Saturday, said Pakistan already has more than 40 million virtual asset users, with annual trading volumes estimated above $300 billion, making it one of the largest untapped markets globally.
Digital future
“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” Bilal bin Saqib, Minister of State for Crypto and Blockchain and chairman of PVARA, was cited as saying.
Eligibility to submit so-called Expressions of Interest (EoIs) is restricted to firms already licensed under recognized regulators of other countries and regions, including those of the US, UK, EU, UAE and Singapore. Submissions to PVARA should include company profiles, licensing details, services offered (such as trading or custody), security protocols, and compliance history. Applicants are also required to outline proposed business models for operating in Pakistan.
Broad mandate
PVARA will be governed by a board that includes the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan, and the Chairman of the Federal Board of Revenue. Its broader mandate stretches to curbing illicit finance, protecting consumers, and fostering innovation in areas such as fintech, remittances, tokenized assets, and Shariah-compliant digital products.
The move marks Pakistan’s most significant step yet toward building a regulated framework for virtual assets, signaling its intent to attract international investment and integrate worldwide.