The Pakistan Virtual Asset Regulatory Authority (PVARA) has invited international crypto exchanges and Virtual Asset Service Providers (VASPs) to apply for licenses under the country’s new Virtual Assets Ordinance 2025.
The authority said the licensing framework is designed to bring Pakistan’s digital assets market in line with global standards, including those of the Financial Action Task Force, the International Monetary Fund, and the World Bank.
Figures shared by PVARA estimate that more than 40 million people in Pakistan are engaged with digital assets, with an annual trading volume of over $300 billion. Officials said the introduction of licensing will place exchanges under defined rules for anti-money laundering, counter-terrorism financing, and cybersecurity.
The ordinance, promulgated on July 8 and published in the Gazette of Pakistan the following day, gives PVARA the mandate to regulate and supervise VASPs in the country. It also enables the authority to establish regulatory sandboxes aimed at Shariah-compliant financial products and innovation.
Licensing is open to exchanges already regulated abroad, such as those operating under the US Securities and Exchange Commission, the UK’s Financial Conduct Authority, the European Union’s VASP framework, the UAE’s VARA, or Singapore’s MAS. Applicants must submit their compliance records, operational details, company profiles, and licensing information, along with proposals for entering the Pakistani market.
PVARA chairman and Minister of State for Crypto and Blockchain Bilal bin Saqib said the process is meant to encourage leading firms to take part in developing Pakistan’s digital financial landscape. He described the invitation as a step toward building a transparent and inclusive sector.
The call for applications follows PVARA’s first board meeting last month, where members considered lifting the State Bank of Pakistan’s 2018 ban on virtual currencies. The meeting also set out priorities for risk management and oversight mechanisms.
Submissions will be accepted on a rolling basis through email to the authority’s headquarters in Islamabad. Companies are required to include “EoI VASP Licensing” in the subject line of their applications.
At a separate session last month, Finance Minister Muhammad Aurangzeb said digital assets and blockchain have already drawn significant interest in Pakistan, particularly among the youth, and that the government sees the sector as central to its plans for financial inclusion and transparency.