Pakistan Seeks Global Crypto Partners: VASP Licensing Now Open

The Pakistan Virtual Asset Regulatory Authority (PVARA), established under the landmark Virtual Assets Ordinance, 2025 (Ordinance No. VII of 2025), has issued a global call for Expressions of Interest (EoIs) from established Virtual Asset Service Providers (VASPs) and digital asset exchanges seeking to enter Pakistan’s growing virtual economy.

The initiative, announced Saturday, marks a pivotal step in formalizing and fostering a secure, innovative virtual assets ecosystem, aligning with international standards set by the Financial Action Task Force (FATF), IMF, and World Bank.

Pakistan’s virtual assets market, with over 40 million users and an estimated annual trading volume exceeding $300 billion, represents one of the world’s most dynamic frontier opportunities.

The Ordinance, promulgated on July 8, 2025, and published in the Gazette of Pakistan on July 9, empowers PVARA to license, regulate, and supervise VASPs, ensuring robust anti-money laundering (AML), counter-terrorism financing (CFT), and cybersecurity measures, while promoting 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.

As per the eligibility criteria, PVARA said VASPs and exchanges operating in at least one international jurisdiction (e.g., licensed under US SEC/MSB, UK FCA, EU VASP, UAE VARA, or Singapore MAS) with proven AML/CFT/KYC-compliant operations could submit their EoIs.

Submissions must contain a detailed company profile; licensing details (jurisdictions, authorities, license numbers/dates); operational overview, including service types, technology infrastructure, and security protocols; and compliance history, along with proposed market entry models for Pakistan.