Pakistan is implementing a new federal licensing regime for international cryptocurrency businesses, inviting leading exchanges and virtual asset service providers to submit applications for participation in the digital asset market.
Licensing International Crypto Businesses
On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) issued a call for Expressions of Interest as part of the new licensing regime. 'This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,' stated Bilal bin Saqib, PVARA Chair.
Understanding the New Regulatory Authority
The licensing framework is restricted to firms licensed by established regulators, such as the SEC in the US, FCA in the UK, and others. Applications must detail the company's profile, current licenses, proposed services, and compliance history.
Pakistan's Cryptocurrency Market
Pakistan ranks third in Chainalysis’ 2025 Global Crypto Adoption Index. In May 2025, the government established the Pakistan Digital Assets Authority to work with cryptocurrencies and introduced its first government-backed Bitcoin reserve.
Pakistan's new initiatives in the cryptocurrency field, including the establishment of a regulatory authority and the Bitcoin reserve initiative, anticipate further development of the crypto industry, despite existing constraints.
