Pakistan has moved decisively to strengthen its digital economy by inviting global exchanges and Virtual Asset Service Providers (VASPs) to participate in its rapidly growing virtual assets market. The Pakistan Virtual Asset Regulatory Authority (PVARA) has formally issued a call for Expressions of Interest (EoI), aiming to attract established international players to help shape a secure, innovative, and inclusive digital finance ecosystem.
The initiative follows the enactment of the landmark Virtual Assets Ordinance 2025 (Ordinance No. VII of 2025), which came into effect on July 8 and was published in the Gazette of Pakistan the following day. The ordinance grants PVARA the authority to license, regulate, and supervise VASPs, giving Pakistan its first comprehensive framework to oversee the digital asset space.
With more than 40 million active users and annual trading volumes projected to exceed $300 billion, Pakistan represents one of the most dynamic emerging markets for virtual assets globally. PVARA’s framework seeks to balance opportunity with responsibility by enforcing rigorous anti-money laundering (AML), counter-terrorism financing (CFT), and cybersecurity protocols. At the same time, it will encourage Shariah-compliant innovation through regulatory sandboxes, opening avenues for diverse financial products tailored to local and global markets.
Bilal bin Saqib, Chairman of PVARA and Minister of State for Crypto and Blockchain, emphasized the transformative nature of this initiative. “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 highlighted that the move is fully aligned with international benchmarks set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.
Eligibility criteria have been designed to attract only reputable, compliant firms. Applicants must be licensed in at least one globally recognized jurisdiction, such as the US SEC/MSB, UK FCA, EU VASP regime, UAE VARA, or Singapore MAS. Additionally, they must demonstrate robust AML, CFT, and KYC compliance records. Required submissions include a detailed company profile, licensing credentials, operational overviews of services such as custody and trading, technology and security measures, assets under management or revenue figures, compliance history, and models customized for Pakistan’s market.
Applications should be submitted in PDF format via email to info@pvara.gov.pk with the subject line “EoI VASP Licensing – [Company Name].” PVARA will accept applications on a rolling basis, while physical submissions can also be sent to its Islamabad headquarters located at Suite #12, Ground Floor, Evacuee Trust Building, adjacent to Marriott Hotel.
As an autonomous federal authority, PVARA is mandated to safeguard consumers, combat illicit financial activity, and promote opportunities across fintech, remittances, and tokenized assets. Its governance framework includes representation from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan (SECP), and the Federal Board of Revenue (FBR), ensuring that oversight reflects both global best practices and local economic priorities.
For Pakistan, this development signals a clear shift toward integrating blockchain and virtual assets into its formal economy. By building an ecosystem that is both inclusive and secure, the country is seeking to position itself as a frontier hub for global digital finance, offering opportunities for growth to international firms and local users alike.
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