Pakistan Opens Licensing for Global Crypto Firms

Pakistan has officially invited global cryptocurrency exchanges and virtual asset service providers (VASPs) to apply for licenses to operate in the country, marking a major step toward regulating its fast-growing digital economy. The initiative comes under the Virtual Assets Ordinance 2025, with oversight by the newly established Pakistan Virtual Asset Regulatory Authority (PVARA).

Authorities estimate that Pakistan’s digital asset market already serves more than 40 million users, generating nearly $300 billion in annual trading volume. By launching this licensing process, Pakistan aims to bring its crypto sector in line with international anti-money laundering and counter-terrorism financing standards, while promoting innovation and consumer protection.

PVARA Chairman and Minister of State for Crypto and Blockchain, Bilal Bin Saqib MBE, said the invitation is extended to the world’s leading VASPs to help build a transparent and inclusive digital financial future for Pakistan. Applicants must already hold a license in a major jurisdiction and demonstrate strong compliance with KYC, AML, and CFT rules.

The authority, supported by the State Bank of Pakistan (SBP), SECP – Securities and Exchange Commission, and Federal Board of Revenue (FBR), will also offer regulatory sandboxes to encourage Shariah-compliant solutions. Applications will be accepted on a rolling basis via email.