Regulatory Body Invites Applications to Tame $300 Billion Market
Pakistan’s newly formed Virtual Asset Regulatory Authority has begun accepting license applications from international crypto exchanges. This step, under the Virtual Assets Ordinance 2025, marks a shift toward formal oversight of the country’s booming digital asset sector.
The authority, known as PVARA, issued the call on September 14, 2025, targeting firms already approved by major global watchdogs. Officials see it as a way to bring structure to a market with 40 million users and $300 billion in yearly trades.
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Application Rules and Requirements
Only companies licensed by bodies like the US SEC, UK FCA, EU VASP framework, UAE VARA, or Singapore MAS can apply. Submissions must cover full business details, from profiles and services to security measures and Pakistan-specific plans.
Key demands include:
- Proof of KYC compliance for customer checks
- Details on trading, custody, and payment options
- Records of assets managed, revenues, and past compliance
- Tech standards for cybersecurity
PVARA will review these on a rolling basis via email. The goal is to block illegal funds while sparking growth in fintech and remittances.
Why This Changes the Game
Pakistan ranks high in global crypto use but lacked rules until now. The ordinance, signed in July 2025, sets up PVARA as an independent overseer. It follows global standards from FATF, IMF, and World Bank to protect users and draw investment.
Bilal bin Saqib, PVARA chair and state minister for crypto, called it a chance for top firms to shape Pakistan’s digital finance. Plans include sandboxes for testing ideas, even Shariah-compliant ones.
This builds on earlier moves, like the March 2025 launch of the Pakistan Crypto Council. A May announcement hinted at a Bitcoin reserve, showing the government’s pro-digital stance.
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Outlook for Investors and Users
Expect more foreign cash into Pakistan’s crypto space as rules take hold. A central bank digital currency pilot is also in talks, per the State Bank governor.
For updates, head to pvara.gov.pk. This could position Pakistan as a regional hub for blockchain.
