The Pakistan Virtual Asset Regulatory Authority (PVARA) issued on Saturday a call for expressions of interest (EoI) from established global exchanges and virtual asset service providers (VASPs) seeking to enter Pakistan’s digital economy, a statement from the Finance Division stated.
Last month, the PVARA, in its first board meeting, deliberated on withdrawing the State Bank of Pakistan’s (SBP) 2018 ban on virtual currencies while setting out a roadmap for AI-driven risk management, licensing, and regulatory frameworks.
“This initiative marks a pivotal step in formalising and fostering a secure, innovative virtual assets ecosystem, aligning with international standards set by the Financial Action Task Force (FATF), IMF, and World Bank,” the Finance Division read.
“Pakistan’s virtual assets market, with over 40 million users and an estimated annual trading volume exceeding $300 billion, represents one of the world’s most dynamic frontier opportunities.”
The Ordinance, promulgated on July 8, 2025, and published in the Gazette of Pakistan on July 9, empowers PVARA to license, regulate, and supervise VASPs, ensuring robust anti-money laundering (AML), counter terrorism financing (CFT), and cybersecurity measures while promoting Shariah-compliant innovation through regulatory sandboxes.
“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” said Bilal bin Saqib, chairman of PVARA and Minister of State for Crypto and Blockchain.
Key details of the EoI
Eligibility
Open to VASPs and exchanges operating in at least one international jurisdiction (e.g., licensed under US SEC/MSB, UK FCA, EU VASP, UAE VARA, or Singapore MAS) with proven AML/CFT/KYC compliant operations.
Required submissions
- Company profile
- Licensing details (jurisdictions, authorities, license numbers/dates)
- Operational overview (services such as trading/custody, tech/security measures,
AUM/revenue) - Compliance history
- Pakistan market interest (proposed models)
Submission process
- Email PDF submissions to: info@pvara.gov.pk
- Subject line: “EoI VASP Licensing – [Company Name]”
- Deadline: Rolling
- Address: PVARA Headquarters, Suite#12, Ground Floor, Evacuee Trust Building, Next
to Marriott Hotel, Islamabad
The PVARA is an autonomous federal body tasked with overseeing virtual assets to combat illicit finance, protect consumers, and unlock opportunities in fintech, remittances, and tokenised assets.
Addressing a session last month, Federal Minister for Finance and Revenue Muhammad Aurangzeb stressed that with millions of Pakistanis, especially youth, already engaged in blockchain and digital assets, the country must embrace this shift as part of its new economy by fostering financial inclusion, transparency, and efficiency, while ensuring a balanced regulatory framework.
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