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Pakistan is positioning itself as a burgeoning crypto hub by inviting international cryptocurrency exchanges to apply for licenses under the Virtual Assets Ordinance 2025, enacted on July 8, 2025. The Pakistan Virtual Asset Regulatory Authority (PVARA) issued a call for Expressions of Interest (EoI) on September 13, 2025, targeting global Virtual Asset Service Providers (VASPs) to regulate its $300 billion market, serving over 40 million users.
The initiative, led by PVARA chair Bilal bin Saqib, restricts applications to firms already licensed by regulators like the US SEC, UK FCA, EU VASP framework, UAE VARA, or Singapore’s MAS. Applicants must submit detailed profiles, compliance histories, and Pakistan-specific business models via email to info@pvara.gov.pk, with rolling submissions processed in Islamabad. This move aims to align Pakistan’s crypto sector with Financial Action Task Force (FATF), IMF, and World Bank standards, ensuring transparency and combating illicit finance.
By offering legal recognition and access to a rapidly growing market, Pakistan seeks to attract trusted global players, fostering financial inclusion and fintech innovation, including Shariah-compliant products via regulatory sandboxes. The government also plans to lift the State Bank of Pakistan’s 2018 crypto ban, signaling a policy shift to capitalize on the sector’s economic potential, including Bitcoin mining with surplus energy.
Analysts view this as a strategic step to position Pakistan as a regional crypto leader, though success hinges on regulatory clarity and global adoption. With licenses expected to be issued within three months, Pakistan’s crypto landscape could transform significantly, boosting investor confidence and economic growth.
