Pakistan has taken a major step toward embracing the digital economy by launching a new licensing program for global cryptocurrency firms. The Pakistan Virtual Asset Regulatory Authority (PVARA), established under the Virtual Assets Ordinance 2025, is now officially inviting leading international crypto exchanges and Virtual Asset Service Providers (VASPs) to apply for licenses to operate within the country.

This move is part of Pakistan’s effort to formalize and regulate its rapidly growing virtual asset market, which already boasts over 40 million users and an estimated annual trading volume of $300 billion. By opening its doors to established global players, Pakistan aims to become a major hub for digital financial innovation and inclusion.

To qualify for a license, applicants must already be licensed under reputable international regulators such as the US Securities and Exchange Commission, the UK Financial Conduct Authority, the European Union’s VASP regime, the UAE Virtual Assets Regulatory Authority, or the Monetary Authority of Singapore. Eligible firms must also comply with robust standards for anti-money laundering (AML), counter-terrorism financing (CFT), and cybersecurity.

Interested companies are required to submit a comprehensive profile that includes their licensing credentials, details about their services and technology, security measures, assets under management, revenues, and a clear compliance history. They must also outline a business model tailored to operating in Pakistan’s regulatory landscape.

Applications will be reviewed continuously, allowing approved firms to begin offering their services as soon as they meet the necessary requirements. Pakistan’s government sees this initiative as an invitation to the world’s leading crypto platforms to participate in building a transparent and inclusive digital financial system in the country.

With strong international oversight and a clear regulatory framework, Pakistan hopes to attract significant global investment, drive technological innovation, and unlock the full potential of its sizable crypto market.