Pakistan's Virtual Asset Regulatory Authority (PVARA) has formally invited global cryptocurrency firms to apply for licenses under the newly established Virtual Assets Ordinance 2025. The initiative, spearheaded by PVARA Chairman Bilal bin Saqib, represents a significant step toward establishing comprehensive regulatory oversight in Pakistan's digital asset market.
The licensing framework specifically targets firms already licensed under recognized international regulators, ensuring compliance with Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), and Know Your Customer (KYC) standards. This approach mirrors regulatory models successfully implemented in the United Arab Emirates and Singapore, focusing on compliance-driven market growth.
PVARA estimates the initiative could potentially engage over 40 million users in Pakistan, creating substantial market access opportunities for major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and regulated stablecoins. Chairman Saqib stated: "This EoI is our invitation to the world's leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan."
The regulatory move aligns Pakistan with Financial Action Task Force (FATF) standards and aims to enhance transparency, attract institutional interest, and foster technological advancements in the country's digital finance landscape. Industry observers view this as a transformative development that could significantly increase institutional investments and global partnerships within Pakistan's emerging crypto ecosystem.
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