Instead of rolling out its own stablecoin or restricting the market, Islamabad is betting on partnerships with established players already approved by heavyweight regulators in the U.S., Europe, and Asia.

The country’s new watchdog, the Pakistan Virtual Asset Regulatory Authority (PVARA), has invited firms to submit proposals detailing how they would operate in the local market. Authorities want more than just trading platforms—they’re asking for custody solutions, payments infrastructure, tokenization pilots, and Shariah-compliant products that could thrive inside regulatory sandboxes.

What makes this move significant is Pakistan’s unique position in the global adoption race. Ranked third worldwide in crypto use by Chainalysis, the country has already become a heavyweight in grassroots activity. Now the government wants to translate that momentum into a formal, regulated industry capable of attracting billions in capital.

Officials are also linking the initiative to broader economic ambitions. Earlier this year, Pakistan announced plans for a strategic Bitcoin reserve and earmarked 2,000 megawatts of surplus electricity to power crypto mining and artificial intelligence centers. These steps, they argue, could diversify the economy, bolster remittances, and create a modern financial backbone for a population that is both young and highly digital.

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Not everyone is on board. The International Monetary Fund has raised concerns about using subsidized energy for crypto mining, warning it could add strain to the grid. Yet local policymakers appear determined to push ahead, describing digital assets as a gateway to competitiveness in global finance rather than a risk to be contained.

By courting the world’s leading crypto firms, Pakistan is sending a clear signal: it doesn’t just want to participate in the digital asset economy—it wants to be one of the places where its future is written.

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