Pakistan Opens Doors to Global Crypto Firms with New Licensing Push

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Pakistan has invited global digital asset firms to apply for operating licenses in a significant step toward regulating its rapidly expanding cryptocurrency sector. 

On Saturday 13, 2025, the Pakistan Virtual Asset Regulatory Authority (PVARA) issued an invitation to established exchanges and virtual asset service providers (VASPs) to submit Expressions of Interest (EoIs) to operate in the country. Pakistan has a significant virtual asset market, ranking third in global crypto adoption, with the finance ministry asserting there are more than 40 million crypto users at an annual trading volume of over $300 billion. 

PVARA, established after the Virt­ual Assets Ordinance 2025 (Ordinance No. VII of 2025), is responsible for licensing, regulating, and monitoring virtual assets in adherence to global AML and CFT standards from the FATF, IMF, and the World Bank.  

VASPs and exchanges are only eligible for licensing in Pakistan if they already hold licenses from other established regulators, such as the US Securities and Exchange Commission (SEC), the UK Financial Conduct Authority (FCA), the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority, or the Monetary Authority of Singapore. 

Bilal bin Saqib, the PVARA chair and minister of state for crypto and blockchain, said:

This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan.

Applicants are asked to send their EOIs to PVARA as PDFs at [email protected], under the subject line “EoI VASP Lice­nsing — [Company Name]”. 

Applications need to provide a business model tailored to the Pakistani market, as well as a company profile, list of services provided, existing licensing details with authorities in other jurisdictions, proposed services, revenue, technology and security protocols, assets under management, and an established compliance track record.