The Pakistan Virtual Asset Regulatory Authority (PVARA) today issued a call for Expressions of Interest (EoI) from established global exchanges and virtual asset service providers (VASPs) that wish to operate in Pakistan.
The authority is empowered under the Virtual Assets Ordinance 2025. The Ordinance became law in July 2025 and gives PVARA the mandate to license regulate and supervise VASPs.
The announcement invites VASPs with proven operations in at least one recognized international jurisdiction to submit details. The goal is to build a secure and transparent digital asset sector that follows global standards.
The authority added that there is a need for strong anti money laundering counter financing of terrorism and cybersecurity measures. The authority also signalled support for Shariah compliant products through regulatory sandboxes.
PVARA said Pakistan already has a large virtual asset user base and a significant trading market. The authority cited an active user count above forty million and a high annual trading volume. The new licensing framework aims to channel this activity into a regulated and consumer safe environment.
The framework will align local rules with international guidance from bodies such as the Financial Action Task Force the IMF and the World Bank.
Chairman Bilal bin Saqib described the EoI as an open invitation to leading global VASPs to partner with Pakistan. The authority will require applicants to show licences and compliance records from their current jurisdictions.
Eligible operators may include firms licensed by major regulators such as the US SEC or MSB the UK FCA the EU VASP framework UAE VARA or the Singapore MAS. Applicants must demonstrate robust KYC AML and CFT controls.
Applicants must submit a company profile licensing details an operational overview and a compliance history. They must set out proposed market models for Pakistan and provide information on services that will be offered such as trading custody or related technology and security arrangements.
Submissions must be sent as PDF files by email to [email protected][1]. The subject line of each submission should read EoI VASP Licensing followed by the company name. The submission process is rolling and will be handled at PVARA headquarters in Islamabad.
The Virtual Assets Ordinance gives PVARA powers to regulate virtual assets for the protection of consumers and for the prevention of illicit finance. The authority is structured as an autonomous federal body. Its board includes senior representatives from the State Bank of Pakistan the Securities and Exchange Commission of Pakistan and the Federal Board of Revenue. The authority will seek to unlock opportunities in fintech remittances and tokenized assets for Pakistan’s population.
The EoI is the first formal step under the new law to invite global partners and to create a licensed regulated market. Firms that meet the eligibility criteria and that demonstrate strong compliance frameworks will be considered for licensing.
The authority intends to promote innovation while upholding consumer protection and market integrity.
References
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