Pakistan’s PVARA calls for ‘Expressions of Interest’ from crypto exchanges and VASPs

ISLAMABAD: Pakistan has invited global cryptocurrency exchanges and Virtual Asset Service Providers (VASPs) to participate in its digital economy, as the newly established Pakistan Virtual Asset Regulatory Authority (PVARA) launched its first call for Expressions of Interest (EoI) under the landmark Virtual Assets Ordinance, 2025.

The announcement, made on Saturday by the Office of the Special Assistant to the Prime Minister/ Minister of State on Blockchain and Crypto, marks a pivotal step in formalising the country’s booming but largely unregulated crypto sector.

According to official statement, Pakistan’s virtual asset market comprises more than 40 million users with an annual trading volume exceeding $300 billion, positioning it among the fastest-growing frontier markets in the world.

Cabinet formally approves summary of PVARA

“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.

The Ordinance, promulgated on July 8 and published in the Gazette of Pakistan a day later, empowers PVARA to license, regulate, and supervise VASPs, while ensuring strict compliance with anti-money laundering (AML), counter-terrorism financing (CFT), and cybersecurity protocols. It also introduces Shariah-compliant innovation sandboxes to encourage fintech development.

Key EoI Criteria is given as;

Eligible firms must be licensed in at least one major jurisdiction (such as the US SEC/ MSB, UK FCA, EU VASP, UAE VARA, or Singapore MAS).

Submissions require details on company profiles, licenses, operations (trading, custody and security measures), assets under management, compliance history, and proposed Pakistan market models.

PVARA is governed by a multi-stakeholder board including the Governor of the State Bank of Pakistan, the Chairmen of SECP and FBR, and is mandated to combat illicit finance, protect consumers, and unlock opportunities in fintech, remittances, and tokenized assets.

The move comes as Pakistan seeks to align its digital finance regulations with FATF, IMF, and World Bank standards, while positioning itself as a hub for global blockchain innovation.

Copyright Business Recorder, 2025