ISLAMABAD: The Pakistan Virtual Asset Regulatory Authority (PVARA) has invited Expressions of Interest (EoIs) from leading global exchanges and Virtual Asset Service Providers (VASPs) to participate in the country’s emerging digital economy.
Established under the Virtual Assets Ordinance 2025 (Ordinance No. VII of 2025), PVARA is mandated to formalise and regulate virtual assets in line with international standards set by the Financial Action Task Force (FATF), IMF and World Bank.
The ordinance, promulgated on July 8 and published in the Gazette of Pakistan on July 9, empowers the authority to license, regulate and supervise VASPs, ensuring strong anti-money laundering (AML), counter-terrorism financing (CFT) and cybersecurity frameworks.
The finance ministry, in a statement issued on Saturday, said Pakistan’s virtual asset market already has more than 40 million users, with annual trading volumes estimated at over $300bn, making it one of the world’s largest untapped frontiers.
“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.
PVARA invites expressions of interest from global crypto exchanges
Eligibility has been restricted to VASPs and exchanges already licensed under recognised international regulators, including the US Securities and Exchange Commission, UK Financial Conduct Authority, EU’s VASP framework, UAE’s Virtual Assets Regulatory Authority and the Monetary Authority of Singapore. Applicants must demonstrate compliance with AML, CFT and know-your-customer standards.
Submissions are required to include company profiles, licensing details with jurisdictions and authorities, services offered — such as trading and custody — technology and security protocols, assets under management, revenue, and compliance history. Applicants must also outline proposed business models for operating in Pakistan.
EoIs must be submitted in PDF format via email to info@pvara.gov.pk with the subject line marked “EoI VASP Licensing — [Company Name]”. Applications will be accepted on a rolling basis.
PVARA is an autonomous federal body governed by a multi-stakeholder board including the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan, and the chairman of the Federal Board of Revenue.
Its mandate is to curb illicit finance, protect consumers and unlock opportunities in fintech, remittances and tokenised assets, while fostering Shariah-compliant innovation through regulatory sandboxes.
Published in Dawn, September 14th, 2025
