Pakistan Invites Global Crypto Exchanges to Apply for Licensing

The Pakistan Virtual Asset Regulatory Authority (PVARA) has announced that it has formally invited leading global exchanges and Virtual Asset Service Providers (VASPs) to apply for licensing under the newly enacted Virtual Assets Ordinance, 2025.

The initiative marks a significant step in Pakistan’s efforts to establish a secure, transparent, and well-regulated digital assets ecosystem, one that aligns with global financial and regulatory standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the World Bank.

A Rapidly Expanding Market

According to PVARA estimates, Pakistan’s digital assets market already serves over 40 million users, with an annual trading volume surpassing $300 billion. Officials say the new licensing framework is designed to harness this growth while ensuring investor safety, financial transparency, and long-term market stability.

Licensing Criteria

The authority confirmed that applications are open to international exchanges and VASPs currently operating under the supervision of reputable regulators such as:

• US Securities and Exchange Commission (SEC)
• UK Financial Conduct Authority (FCA)
• European Union VASP framework
• UAE Virtual Assets Regulatory Authority (VARA)
• Monetary Authority of Singapore (MAS)

To qualify, applicants must demonstrate strict compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, as well as robust cybersecurity standards to safeguard users and financial infrastructure.

Building a Digital Financial Future

Bilal bin Saqib, Chairman of PVARA and Minister of State for Crypto and Blockchain, emphasized that the invitation to global players reflects Pakistan’s ambition to become a leader in digital finance within the region.

“Our goal is to encourage world-class firms to partner with Pakistan in building an inclusive digital financial ecosystem,” he said. “The Virtual Assets Ordinance, 2025 provides the foundation for trust, innovation, and sustainable growth in this sector.”

This move positions Pakistan as one of the few countries in South Asia to adopt a comprehensive virtual assets regulatory framework, signaling new opportunities for international firms and local investors alike.