Pakistan invites global crypto firms to apply for operating licenses: Report

Pakistan has opened the doorway to planetary crypto businesses, inviting starring exchanges and virtual plus work providers (VASPs) to use for licenses nether a caller national regime.

On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) called connected large crypto firms to taxable Expressions of Interest (EoIs) to participate the country’s integer plus market, according to a study by section quality outlet Dawn.

“This EoI is our invitation to the world’s starring VASPs to spouse successful gathering a transparent and inclusive integer fiscal aboriginal for Pakistan,” said Bilal bin Saqib, PVARA seat and curate of authorities for crypto and blockchain.

Eligibility is constricted to firms already licensed by recognized regulators, including 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.

Related: Demographics volition ‘leapfrog’ Bitcoin adoption successful Pakistan — Bilal Bin Saqib

Pakistan sets strict introduction criteria

Submissions should see institution profiles, existing licenses and jurisdictions, services projected (such arsenic trading, custody and payments), exertion and information standards, assets nether management, revenues, compliance way grounds and a Pakistan‑specific concern model.

PVARA said the model aims to curb illicit concern portion unlocking fintech, remittance, and tokenization opportunities, including Shariah‑compliant products via regulatory sandboxes.

PVARA, set up nether the Virtual Assets Ordinance 2025, is tasked with licensing, regulating and supervising VASPs successful enactment with standards acceptable by the Financial Action Task Force (FATF), International Monetary Fund (IMF) and World Bank.

Related: Pakistan’s crypto minister, El Salvador’s president sermon Bitcoin strategy

Pakistan ranks 3rd successful planetary crypto adoption

As Cointelegraph reported, Pakistan surged to 3rd spot successful Chainalysis’ 2025 Global Crypto Adoption Index, climbing six spots and emerging arsenic 1 of the world’s fastest-growing crypto markets.

Pakistan ranks 3rd successful planetary crypto adoption. Source: Bilal Bin Saqib

In May, Pakistan announced plans to establish a government-led Bitcoin Strategic Reserve. Speaking astatine the Bitcoin 2025 league successful Las Vegas, Bilal Bin Saqib said the determination reflects Pakistan’s caller pro-crypto regulatory approach.

The state besides earmarked 2,000 megawatts of surplus electricity for Bitcoin (BTC) mining and AI centers arsenic portion of an inaugural led by the Pakistan Crypto Council and supported by the Ministry of Finance.

However, successful July, the IMF expressed concerns regarding Pakistan’s program to usage surplus energy for crypto mining, rejecting a connection to connection subsidized powerfulness to energy-intensive industries, including Bitcoin miners.

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