Pakistan invites global crypto firms to apply for licenses under strict regulations, aiming to build a safe, inclusive, and modern digital finance system.
Pakistan is moving forward in the world of digital finance. The country has invited global crypto companies to apply for licenses. These companies are large exchanges, Virtual Asset Service Providers (VASPs). The invitation was made by the Pakistan Virtual Asset Regulatory Authority (PVARA). This is a major step to bring international crypto firms to the Pakistani market.
Pakistan Introduces Strict Crypto Licensing Rules for Global Firms
PVARA was established under the Virtual Assets Ordinance 2025. The law was passed on July 8 and printed in the official Gazette on July 9. This law empowers PVARA to regulate and supervise the virtual asset industry. It also ensures that crypto businesses abide by global rules. These include rules from the Financial Action Task Force (FATF), the International Monetary Fund (IMF) and the World Bank.
The key objective of PVARA is to ensure that digital finance is safe and legal in Pakistan. The authority wants to protect the users against fraud and illegal activities. For this reason, all crypto firms have to abide by strict rules. They have to comply with standards for anti-money laundering (AML), counter-terrorism financing (CFT) and cyber security.
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Only companies that are already licensed by top international regulators can apply. Such regulators include the U.S. Securities and Exchange Commission (SEC), the UK’s Financial Conduct Authority (FCA), and the European Union’s VASP framework. Others are the Monetary Authority of Singapore (MAS) and the UAE’s Virtual Assets Regulatory Authority (VARA). Applicants are also required to adhere to know-your-customer (KYC) rules.
The finance ministry revealed that there are more than 40 million users in Pakistan of virtual assets. The country has also over $300 billion of yearly trading volume. This makes it one of the biggest untapped digital markets in the world. By opening up its market, Pakistan is hoping to attract trusted global players. It also wants to establish a secure and transparent digital economy.
New Crypto Law Spurs Innovation in Pakistan’s Financial Sector
Bilal bin Saqib, the chairman of PVARA, discussed this new plan. He is also the Minister of State for Crypto and Blockchain. Saqib said the call for applications is an invitation for world-class companies for helping build a modern financial system in Pakistan. He also stated that this system will be inclusive and have clear rules.
At the same time, Pakistan is also considering central bank digital currency (CBDC). The State Bank of Pakistan (SBP) has joined forces with a blockchain company from Japan called Soramitsu. Together, they have begun a pilot project to test CBDC in the country. This is a move that is in support of Virtual Assets Act 2025. The law enables digital assets to be used legally in Pakistan.
These changes demonstrate that Pakistan is taking digital finance seriously. The country is not only establishing good rules but experimenting with new financial technologies as well. With a clear legal system and a large user base, Pakistan could soon become a major player in the global digital economy. The focus is now on attracting the right partners to build a safe, legal, and modern digital finance system.
Source: https://www.livebitcoinnews.com/pakistan-invites-crypto-giants-to-apply-for-licenses/
