- A statement was made by Bilal bin Saqib, who is both the head of PVARA and the minister of state for crypto and blockchain.
- Only companies that have licenses from reputable regulatory bodies, such as the SEC, FCA, VASP, VRAA, MOF, or MAS, will be considered.
Leading cryptocurrency exchanges and VASPs are being invited to apply for licenses under a new federal regime in Pakistan, which has opened the door to foreign crypto firms.
Dawn, a Pakistani news agency, said on Saturday that the country’s virtual asset regulatory authority (PVARA) has invited big crypto companies to become part of the digital asset market by submitting Expressions of Interest (EoIs).
A statement was made by Bilal bin Saqib, who is both the head of PVARA and the minister of state for crypto and blockchain, inviting the world’s best VASPs to collaborate in creating a digital financial future for Pakistan that is transparent and inclusive.
Stringent Criteria
Only companies that have licenses from reputable regulatory bodies, such as the SEC, FCA, VASP, VRAA, MOF, or MAS, will be considered. Company profiles, current licenses and jurisdictions, planned services (including trading, custody, and payments), security and technology standards, assets managed, revenues, compliance history, and a business strategy tailored to Pakistan should all be included in the submission.
According to PVARA, the framework’s goal is to reduce illegal funding while simultaneously opening up prospects for fintech, remittances, and tokenization, including the creation of Shariah-compliant goods via regulatory sandboxes.
Established by the Virtual Assets Ordinance 2025, PVARA is responsible for licensing, regulating, and overseeing VASPs in accordance with FATF, IMF, and World Bank regulations.
A Bitcoin Strategic Reserve, to be headed by the government, was declared in Pakistan in May. The decision shows Pakistan’s new pro-crypto regulatory policy, according to Bilal Bin Saqib, who made the statement at the Bitcoin 2025 conference in Las Vegas.
The Pakistan Crypto Council, with the backing of the Ministry of Finance, spearheaded a program that allocated 2,000 MW of the country’s excess power to Bitcoin mining and artificial intelligence centers.
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Source: https://thenewscrypto.com/pakistan-invites-leading-global-crypto-firms-to-apply-for-licenses/
