Pakistan initiates licensing process for international cryptocurrency exchanges

Pakistan has officially launched its regulatory framework for digital assets, marking the beginning of the licensing process for international cryptocurrency exchanges. 

According to a news report, the Pakistan Virtual Assets Regulatory Authority (PVARA) issued a call for applications, inviting global service providers to apply for licenses to operate within the country.

Pakistan, with nearly 40 million cryptocurrency users and an estimated annual trading volume of $300 billion, ranks as one of the largest unregulated crypto markets in the world. 

The establishment of PVARA aims to regulate this burgeoning market in line with international standards and address the financial challenges associated with digital assets.

To apply for licenses, companies must hold valid licenses from international regulatory authorities. Additionally, applicants will need to comply with Know Your Customer (KYC) standards and submit comprehensive company details as part of the application process.

The move is seen as a significant step toward formalizing and regulating the cryptocurrency market in Pakistan, providing a clearer framework for operations while aligning with global financial practices.