Key Takeaways
- The reports state that only companies already licensed by established regulators, such as the U.S. SEC, the U.K. Financial Conduct Authority, the European Union’s VASP framework, the UAE’s VARA, or the Monetary Authority of Singapore, will be eligible to apply.
- As per regulators, the framework is aligned with international standards set by the Financial Action Task Force, the IMF, and the World Bank.
In a significant development, Pakistan is gearing up to welcome foreign crypto exchanges into its digital asset markets. According to local media reports, the Pakistan Virtual Asset Regulatory Authority (PVARA) on Saturday issued a call for expressions of interest (EoIs) from leading virtual asset service providers (VASPs) and exchanges, inviting them to participate in the country’s digital asset sector.
The reports state that only companies already licensed by established regulators, such as the U.S. Securities and Exchange Commission (SEC), the U.K. Financial Conduct Authority (FCA), the European Union’s VASP framework, the United Arab Emirates’ Virtual Assets Regulatory Authority (VARA), or the Monetary Authority of Singapore (MAS), will be eligible to apply.
Applicants are required to submit detailed information, including company profiles, current licenses and jurisdictions, services such as custody, payments, and trading, technology and security standards, compliance records, assets under management, revenues, and a Pakistan-specific operating model.
PVARA chair and Minister of State for Crypto and Blockchain Bilal bin Saqib described the EoI as “an invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan.” He added that the framework is aligned with international standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.
The authority was established under the Virtual Assets Ordinance 2025, which was promulgated on July 8 and published in the Gazette the following day.
The latest development comes against the backdrop of crypto adoption spiking in the South Asian country. Earlier this year, Pakistan Crypto Council (PCC) Chief Executive Officer Bilal Bin Saqib stated that the country is among the top in the world for crypto adoption, with around 20 million users
As per Chainalysis’ 2025 Global Adoption Index, Pakistan climbed six spots to reach third place, reflecting the increasing perception of digital assets in the country. In May, Pakistan announced the establishment of its first government-backed Strategic Bitcoin reserve