Pakistan’s New Crypto Licenses Initiative

The Pakistan Virtual Asset Regulatory Authority (PVARA) has taken a significant step by welcoming leading crypto exchanges and virtual asset service providers (VASPs) to submit Expressions of Interest (EoIs). This is an invitation to become part of Pakistan’s burgeoning digital asset market. The announcement, reported by local media outlet Dawn, emphasizes the country’s commitment to developing a transparent and inclusive digital financial ecosystem.

According to Bilal bin Saqib, PVARA chair and minister of state for crypto and blockchain, the initiative is designed to build a strong partnership with the world’s leading VASPs. The aim is to create a digital financial future that is both transparent and inclusive for Pakistan.

Eligibility for Crypto Licenses

Eligibility for these licenses is restricted to firms already licensed by recognized regulators such as 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. This ensures that only credible and compliant firms can enter the Pakistani market.

Submissions for the license must include comprehensive details such as company profiles, existing licenses and jurisdictions, services proposed (like trading, custody, and payments), technology and security standards, assets under management, revenues, compliance track record, and a Pakistan-specific business model.

Framework for Crypto Licenses

The PVARA’s framework is designed to curb illicit financial activities while unlocking opportunities in fintech, remittance, and tokenization, including Shariah-compliant products via regulatory sandboxes. Established under the Virtual Assets Ordinance 2025, PVARA is responsible for licensing, regulating, and supervising VASPs in line with international standards set by the Financial Action Task Force (FATF), International Monetary Fund (IMF), and the World Bank.

This proactive approach by Pakistan could significantly boost its standing in the global crypto community. As reported by Cointelegraph, Pakistan has already climbed to third place in Chainalysis’ 2025 Global Crypto Adoption Index, marking it as one of the fastest-growing crypto markets worldwide.

Future Prospects with Crypto Licenses

In addition to regulatory advancements, Pakistan has also announced plans to establish a government-led Bitcoin Strategic Reserve. At the Bitcoin 2025 conference in Las Vegas, Bilal Bin Saqib highlighted this strategy as a reflection of Pakistan’s new pro-crypto regulatory stance.

However, the International Monetary Fund expressed concerns in July over Pakistan’s proposal to allocate surplus electricity for crypto mining, particularly in offering subsidized power to energy-intensive sectors, including Bitcoin miners.

The move to invite global firms to apply for crypto licenses is part of a broader initiative by the Pakistan Crypto Council, supported by the Ministry of Finance, to allocate 2,000 megawatts of surplus electricity for Bitcoin mining and AI centers.

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According to CoinJournal, crypto exchanges must comply with anti-money laundering standards to avoid penalties. Those standards will come into effect on April 20. Otherwise, providers could expect penalties between 30 million won (around $26,000) and 100 million won (around $88,000), the source says.

To prevent money laundering, the government will require all crypto exchanges to cooperate with banks. This is to ensure that clients trade using accounts under their real names, writes Cointelegraph. However, meeting the new compliance regulations could be very costly. In addition, using the services of third parties could cause privacy concerns.

Following the introduction of the new regulations, which took effect today, March 25, crypto exchange OKEx decided to discontinue its operations in South Korea. According to Forkast News, its users must withdraw their funds from the exchange by April 7 to prevent themselves from losing their holdings.  

Earlier this month, the National Tax Service (NTS) caught 2,416 individuals who were evading paying taxes by hiding their income in cryptocurrency. The total earnings not reported reached over 36 billion won (more than $32 million).

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