Pakistan has formally invited global crypto exchanges and virtual asset service providers (VASPs) to explore one of the world’s most promising emerging markets, estimated at more than $300 billion in annual trading volume and over 40 million active users. The call for international participation was issued by the Pakistan Virtual Asset Regulatory Authority (PVARA) through a global expression of interest (EoI), opening a new chapter for the country’s digital economy.
The move comes after the promulgation of the Virtual Assets Ordinance on July 8, 2025, later published in the official Gazette. The ordinance empowers PVARA to license, regulate, and supervise the operations of VASPs within Pakistan, providing a legal foundation that aims to balance innovation with oversight. The framework emphasizes strict adherence to anti-money laundering (AML) and counter-financing of terrorism (CFT) standards, robust cybersecurity protocols, and mechanisms for consumer protection. At the same time, it encourages experimentation in Shariah-compliant financial innovation through regulatory sandboxes.
Bilal bin Saqib, chairman of PVARA and Minister of State for Crypto and Blockchain, underscored the authority’s ambition in a statement accompanying the EoI. “This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” he said. He added that the initiative is fully aligned with international standards laid out by institutions such as the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.
In its first board meeting last month, PVARA also discussed removing the State Bank of Pakistan’s 2018 prohibition on virtual currencies. Deliberations focused on introducing a roadmap for licensing protocols, AI-driven risk management systems, and compliance structures. Finance Minister Muhammad Aurangzeb has voiced strong support for blockchain and digital assets, calling them essential to expanding financial inclusion and modernizing Pakistan’s economic infrastructure.
Eligibility for participation under the EoI is reserved for globally licensed VASPs and exchanges, recognized by regulators such as the US SEC/MSB, UK FCA, EU VASP regime, UAE VARA, or Singapore MAS. Applicants must demonstrate proven operational track records with AML, CFT, and KYC compliance. In addition, companies are required to submit detailed profiles, licensing documents, compliance histories, operational models, and proposals for introducing services to Pakistan’s market. Submissions can be sent to info@pvara.gov.pk with the subject line “EoI VASP Licensing – [Company Name],” while hard copies will also be accepted at PVARA’s Islamabad headquarters.
As an autonomous federal body, PVARA has been tasked not only with regulating digital assets but also with unlocking broader opportunities in fintech, remittances, and tokenized assets. By creating a transparent and well-supervised environment for virtual assets, the authority aims to attract global players while safeguarding consumers and preventing illicit financial flows.
For Pakistan, this initiative represents a major leap toward positioning itself as a serious player in the global digital finance landscape. By bridging local demand with international expertise, PVARA hopes to establish a secure, innovative, and inclusive digital asset ecosystem capable of fueling growth and innovation in the years to come.
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