The Pakistani regulatory authority is inviting global crypto companies to obtain licenses to operate in the national market.
According to local media outlet Dawn, the Pakistan Virtual Assets Regulatory Authority (PVARA) has formally called on leading global digital asset companies to apply for operating licenses in the country. The initiative aims to serve over 40 million active Pakistani users in the sector.
Requirements to operate
To access crypto licenses, companies must meet criteria set by PVARA. Applicants must already be regulated in primary jurisdictions such as the United States, United Kingdom, United Arab Emirates, European Union, or Singapore. The process requires:
- demonstration of robust security systems;
- maintenance of active compliance programs;
- adherence to minimum capital requirements;
- compliance with Islamic Sharia law, overseen by a committee of Islamic finance experts.
Bilal bin Saqib, PVARA chairman and Minister of State for Crypto and Blockchain, stated:
“This is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan.”
PVARA was established last July through the country’s Virtual Assets Ordinance, which created a comprehensive regulatory framework for digital assets. Companies cannot operate within the territory without a valid license, and the licensing process requires detailed information on:
- existing licenses in other jurisdictions;
- business operations and technology used;
- implemented security protocols;
- regulatory compliance history;
- specific plans to serve the Pakistani market.
In recent months, the country has formed a digital assets council, is considering expanding Bitcoin mining, and is planning a government strategic reserve of bitcoin.
