Pakistan has formally invited international cryptocurrency companies to enter its domestic market by applying for official licenses.
The move marks a significant step in the country’s efforts to regulate and expand its growing digital asset ecosystem. The Pakistan Virtual Assets Regulatory Authority (PVARA) will oversee the licensing process.
Notably, PVARA launched in July under the Virtual Assets Ordinance. It is the nation’s first dedicated regulator for virtual assets. The establishment marks a shift toward structured oversight of crypto assets and blockchain-based services.
Invitation to Global Players
In a statement, the finance ministry encouraged global crypto firms to apply for approval if they are already regulated in major jurisdictions such as the United States, the European Union, or Singapore. The ministry emphasized that the measure aims to ensure only established and compliant companies are allowed to serve local users.
Under the new framework, no crypto firm will be allowed to operate without a license. Licensed companies will need to meet capital thresholds, implement robust cybersecurity systems, and adopt strong compliance programs.
Sharia Compliance Requirement
Moreover, the government has mandated that all services must comply with Sharia principles. A dedicated committee of Islamic finance scholars will oversee compliance, ensuring adherence to these standards. This measure seeks to harmonize global cryptocurrency practices with local cultural and religious values.
Application and Licensing Conditions
Firms applying for licenses must share detailed documentation with regulators. This includes existing international licenses, descriptions of operations, technology frameworks, and records of security and compliance performance. Applicants must also present clear business plans outlining how they will responsibly serve Pakistani users.
Bilal bin Saqib, PVARA’s chairman and Minister of State for Crypto and Blockchain, said the program reflects Pakistan’s ambition to modernize its financial system.
“We welcome the world’s leading VASPs to join us in building a transparent and inclusive digital future,” he said.
Expanding Crypto Adoption in Pakistan
Meanwhile, Pakistan is positioning itself as a major player in the global crypto economy. According to government estimates, the country already has more than 40 million active crypto users. The finance ministry claims annual trading volumes now exceed $300 billion. Officials describe this as one of the most dynamic emerging opportunities in the global digital asset space.
The country has also taken other steps to embrace digital finance. A national crypto council has been established, with Binance co-founder Changpeng “CZ” Zhao among its members. Policymakers are studying plans to expand Bitcoin mining capacity, while discussions are ongoing about creating a government-managed strategic Bitcoin reserve.