Pakistan Crypto Regulation: PVARA Calls for Exchange Licenses

Know What’s New in Pakistan Crypto Regulation

In the latest development within the Pakistan crypto regulation environment, the regulatory body, PVARA, has invited leading exchanges and virtual asset service providers (VASPs) to apply for licenses. The watchdog has issued a call to prominent digital asset exchanges, inviting them to submit Expressions of Interest (EoIs) to enter the country's growing virtual asset market.

Pakistan Crypto Regulation Strengthens

The Virtual Asset Regulatory Authority (PVARA) is taking a novel step to bolster the Pakistan crypto regulation ecosystem. The regulator is now asking global crypto firms to apply for licences in the region to serve Pakistani users. Chair Bilal bin Saqib stated, “This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future.”

As per local reports, the PVARA, the body created in July under the Virtual Assets Ordinance, is actively seeking to attract prominent global cryptocurrency exchanges from jurisdictions like the US, EU, and Singapore to operate in the region's growing cryptocurrency market.

Reportedly, the authority requires applicants to submit detailed information, including company profiles, existing licenses and jurisdictions, proposed services such as trading and custody, technology and security standards, assets under management, revenues, and compliance track records. Additionally, applicants must outline a Pakistan-specific business model. This framework aims to curb illicit finance while unlocking opportunities in fintech, remittances, and tokenization, including the development of Shariah-compliant products through regulatory sandboxes.

Evolving Cryptocurrency Space

Significantly, the latest step within the Pakistan crypto regulation is part of the country’s broader vision of fostering cryptocurrency and blockchain technology. The country has been making major initiatives to solidify its position among other global powers like the US.

In May 2025, the nation introduced the Digital Assets Authority (PDAA) to draft clear rules for the nation. Later, following the footsteps of the US and President Trump, the virtual asset council proposed a Strategic Bitcoin Reserve, underscoring the country’s progressive financial approach. The council is also taking initiatives to bolster Bitcoin mining despite restrictions from the IMF. The government noted,

"Pakistan is uniquely positioned — both geographically and economically — to become a global hub for data centers. As a digital bridge between Asia, Europe, and the Middle East,... offers the most strategic location in the world for data flow and digital infrastructure."