Pakistan Opens the Door to Major Crypto Players with New Licensing Program

Pakistan is making a serious play to bring the global digital assets industry into its borders. The newly formed Pakistan Virtual Asset Regulatory Authority (PVARA) recently announced that it’s accepting applications from international crypto exchanges and other digital asset service providers. This initiative is a major step toward creating a regulated and transparent market for virtual assets in the country.

The goal is to align Pakistan’s digital finance ecosystem with international standards, particularly those from key global organizations like the Financial Action Task Force, the IMF, and the World Bank. It’s a clear signal that the government wants to move beyond an unregulated space and build a secure environment for both consumers and businesses.

It’s a huge opportunity, too. According to PVARA, Pakistan’s virtual asset market is already massive, with an estimated 40 million users and an annual trading volume that tops $300 billion. The sheer size of this market makes the country a highly attractive destination for major players.

To qualify for a license, companies must already be operating under a recognized international regulator, such as the US Securities and Exchange Commission (SEC), the UK’s Financial Conduct Authority (FCA), or Singapore’s Monetary Authority (MAS). The firms also have to demonstrate that they meet strict requirements for combating financial crimes, including anti-money laundering and counter-terrorism financing protocols, along with strong cybersecurity measures.

Bilal bin Saqib, who serves as the chairman of PVARA and also the minister of state for crypto and blockchain, explained that this is an invitation for top-tier global companies to help shape an inclusive and modern digital financial future for the country. Applications are being reviewed on a continuous basis and can be submitted directly to PVARA’s head office in Islamabad.