ISLAMABAD – The Pakistan Virtual Asset Regulatory Authority (PVARA) has invited expressions of interest (EoI) from leading global exchanges and virtual asset service providers (VASPs) to participate in Pakistan’s digital economy, according to a statement issued by the Finance Division on Saturday.
The announcement follows PVARA’s inaugural board meeting last month, where it discussed lifting the State Bank of Pakistan’s 2018 ban on virtual currencies and outlined a roadmap for AI-driven risk management, licensing, and regulatory frameworks.
“This initiative marks a pivotal step in formalising and fostering a secure, innovative virtual assets ecosystem, aligning with international standards set by the Financial Action Task Force (FATF), IMF, and World Bank,” the Finance Division said.
Pakistan’s virtual asset market, estimated at over 40 million users and an annual trading volume exceeding $300 billion, is among the most dynamic frontier opportunities worldwide, officials noted.
The authority was established under an Ordinance promulgated on July 8, 2025, and published in the Gazette a day later. It has been empowered to license, regulate, and supervise VASPs while enforcing anti-money laundering (AML), counter-terrorism financing (CFT), and cybersecurity safeguards. It also aims to promote Shariah-compliant innovation through regulatory sandboxes.
“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.
Key EoI Details
Eligibility:
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Open to VASPs and exchanges licensed in at least one major jurisdiction (e.g., US SEC/MSB, UK FCA, EU VASP, UAE VARA, Singapore MAS).
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Must demonstrate AML/CFT/KYC compliance.
Required submissions:
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Company profile
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Licensing details (jurisdictions, authorities, license numbers/dates)
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Operational overview (services, tech/security measures, AUM/revenue)
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Compliance history
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Pakistan market interest and proposed models
Submission process:
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Email PDF submissions to: info@pvara.gov.pk
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Subject line: “EoI VASP Licensing – [Company Name]”
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Deadline: Rolling
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Address: PVARA Headquarters, Suite #12, Ground Floor, Evacuee Trust Building, Next to Marriott Hotel, Islamabad
PVARA, an autonomous federal body, is tasked with overseeing virtual assets to combat illicit finance, protect consumers, and unlock fintech opportunities in areas such as remittances and tokenised assets.
Finance Minister Muhammad Aurangzeb recently emphasised that with millions of Pakistanis – particularly youth – already engaged in blockchain and digital assets, the country must embrace this shift as part of its new economy by fostering inclusion, transparency, and efficiency under a balanced regulatory framework.
