With over 40 million users and an estimated annual trading volume exceeding $300 billion, Pakistan’s virtual assets market is being pitched as one of the world’s most dynamic frontier opportunities. On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) issued a global call for expressions of interest (EoI) from established exchanges and virtual asset service providers (VASPs) seeking to enter the country’s digital economy.
The move follows the promulgation of the Virtual Assets Ordinance, enacted on July 8, 2025 and published in the Gazette the following day, which empowers PVARA to license, regulate, and supervise VASPs. The framework includes strict AML, CFT, and cybersecurity safeguards, while also encouraging 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, PVARA chairman and Minister of State for Crypto and Blockchain. He emphasized that the initiative aligns with international standards set by the FATF, IMF, and World Bank.
The authority’s first board meeting last month also deliberated on withdrawing the State Bank of Pakistan’s 2018 ban on virtual currencies, while setting out a roadmap for AI-driven risk management, licensing protocols, and compliance structures. Finance Minister Muhammad Aurangzeb has argued that Pakistan must embrace blockchain and digital assets to deepen financial inclusion and modernize its economy.
Under the EoI, eligibility is limited to VASPs and exchanges licensed in at least one global jurisdiction — including the US SEC/MSB, UK FCA, EU VASP, UAE VARA, or Singapore MAS — with proven AML/CFT/KYC-compliant operations.
Applicants must provide detailed submissions, including company profile, licensing credentials, compliance history, operational overview, and proposed models for Pakistan. Submissions can be sent via email to [email protected] with the subject line “EoI VASP Licensing – [Company Name].” The deadline remains rolling, with documents also accepted at PVARA headquarters in Islamabad.
The PVARA, an autonomous federal body, has been tasked with combating illicit finance, protecting consumers, and unlocking opportunities in fintech, remittances, and tokenised assets as Pakistan formalises its virtual asset landscape.
