Pakistan Invites International Crypto Businesses
Pakistan has opened its gates to international cryptocurrency enterprises, encouraging prominent exchanges and virtual asset service providers (VASPs) to seek licenses under a new federal framework.
On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) announced a call for major crypto companies to submit Expressions of Interest (EoIs) to participate in the nation’s digital asset market, according to a report from the local news outlet Dawn.
“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” stated Bilal bin Saqib, the chair of PVARA and minister of state for crypto and blockchain.
Eligibility for the EoI is limited to firms that are already licensed by recognized regulatory authorities, which include the US Securities and Exchange Commission (SEC), the UK Financial Conduct Authority, the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority, and the Monetary Authority of Singapore.
Submissions must consist of company profiles, existing licenses and jurisdictions, services proposed (like trading, custody, and payments), technology and security standards, assets under management, revenues, compliance history, and a business model tailored for Pakistan.
PVARA emphasized that the framework aims to curb illicit finance while unlocking opportunities in fintech, remittances, and tokenization, including Shariah-compliant products through regulatory sandboxes.
Established under the Virtual Assets Ordinance 2025, PVARA is responsible for licensing, regulating, and supervising VASPs according to standards set by the Financial Action Task Force (FATF), International Monetary Fund (IMF), and World Bank.
As reported, Pakistan climbed to third place in Chainalysis’ 2025 Global Crypto Adoption Index, improving by six positions and becoming one of the fastest-growing crypto markets worldwide.
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In May, Pakistan revealed plans to create a government-led Bitcoin Strategic Reserve. At the Bitcoin 2025 conference in Las Vegas, Bilal Bin Saqib expressed that this move highlights Pakistan’s new favorable regulatory stance towards crypto.
The country has also allocated 2,000 megawatts of surplus electricity for Bitcoin (BTC) mining and AI centers, part of an initiative driven by the Pakistan Crypto Council and backed by the Ministry of Finance.
However, in July, the IMF raised concerns regarding Pakistan’s strategy to utilize surplus electricity for crypto mining, turning down a proposal to provide subsidized power to energy-intensive industries, including Bitcoin miners.
