Haciyev Reşit 
Pakistan is accelerating steps to formalize its crypto sector. The Pakistan Virtual Assets Regulatory Authority (PVARA), established in July, has invited global crypto firms to obtain local licenses and serve the country’s 40 million digital asset users.
According to local reports, the Ministry of Finance announced that only crypto firms already regulated in major jurisdictions such as the US, EU, or Singapore can apply for a license to operate in Pakistan.
PVARA and the Regulatory Framework
PVARA was created under the Pakistan Virtual Assets Regulations, which provide a comprehensive regulatory framework for digital assets. The authority does not permit unlicensed crypto activities and requires applicants to:
- Meet minimum capital requirements,
- Demonstrate robust security systems,
- Maintain compliance programs.
Additionally, services offered by these firms must comply with Sharia law, guided by a committee of Islamic finance scholars.
PVARA Chairman and State Minister for Crypto and Blockchain, Bilal bin Saqib, stated:
“With this expression of interest, we invite the world’s leading VASPs to help build a transparent and inclusive digital financial future for Pakistan.”
Application Requirements
Applying companies must provide detailed information on their existing licenses, operations, technology, security protocols, and compliance history. They must also outline their plans for serving the Pakistani market.
Pakistan’s Growing Interest in Crypto
According to the ministry, Pakistan has over 40 million crypto users, with an estimated annual transaction volume exceeding $300 billion. The country aims to expand Bitcoin mining and establish a government-led strategic Bitcoin reserve through a crypto council that includes Binance co-founder Changpeng Zhao.
With these steps, Pakistan is positioning itself to take a leading role in the crypto and digital asset sector in South Asia.
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